Solarvest Holdings Bhd (Solarvest), a photovoltaic (PV) plants builder, has signed a power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB) for the development of 50 MW of solar park projects in Malaysia. The contract will enable Solarvest to sell their output to TNB for 21 years. It was granted under the fourth round of Malaysia’s Large Scale Solar (LSS) programme.
Two of the photovoltaic (PV) parks will be installed in Manjung, in the state of Perak on the western coast of Malaysia. The parks will have capacities of 25 MW and 12 MW, respectively. An additional 13 MW PV park will be built in Kuala Selangor, in the state of Selangor. Solarvest will fund the construction of the solar parks with proceeds raised from corporate exercise and external borrowings. The firm plans to secure the needed permits by end-2021 and launch construction activities early in 2022. The solar plants are due to start commercial operations between 2022 and 2023.