Solarvest Holdings Bhd has signed five corporate green power agreements (CGPAs) in Malaysia through two joint ventures (JV) to supply solar energy. These agreements involve a multi-asset exchange, two global semiconductor manufacturers, and a data-center service provider. The deals were established with Savelite Engineering Sdn Bhd and TNB Renewables Sdn Bhd, and another with TNB Renewables.
The agreements will facilitate the development of two solar power plants in Lumut, Perak, and Kulim, Kedah, with a combined capacity of 59.98 MW. These plants will supply renewable energy (RE) to consumers for 21 years under a contract-for-difference mechanism at predetermined prices.
Malaysia’s corporate green power program (CGPP) enables corporations to purchase RE without needing to install solar panels on their properties, allowing them to acquire Renewable Energy Certificates (RECs) to certify their green energy use. Solarvest and its partners have secured a total export capacity of 90 MW under this program.