The development of green energy solutions in Taiwan and Malaysia will be accelerated through a partnership between Malaysian green energy company Solarvest and Taiwanese renewable energy player GreenRock Energy.
In the following five years, the companies hope to complete one gigawatt of renewable energy projects.
According to Solarvest, the regional partnership opens up significant growth prospects for both businesses by allowing them to benefit from each other’s established markets and knowledge as well as navigate the region’s complexities.
By utilizing Solarvest’s advantages in Malaysia and the Southeast Asian market, GreenRock hopes to further its regional expansion and take part in the sustainable development and energy transformation of the region. The business views Malaysia as a key entry point for growing its green energy presence throughout Southeast Asia. Acknowledging the government policies of Malaysia and the increasing need for renewable energy in the region, GreenRock aims to enhance its technical and project management capabilities in the region by utilizing its partnerships with local companies and governments.
Taiwanese energy firms are venturing into foreign markets due to the increased demand for renewable energy sources. According to Solarvest, “GreenRock Energy recognizes Malaysia’s potential and aligns with the government’s goal of reaching 40% green energy by 2035.” “GreenRock Energy has now become the first Taiwanese company to participate in Malaysian government green energy projects in order to secure a competitive market advantage.”
Malaysia is working to achieve significant goals for the development of green energy while also transforming its energy market. With a 2 GW renewable energy capacity, the government launched the largest solar program in the history of the nation earlier this year with the LSS5 large-scale solar program. This program is an addition to the National Energy Transformation Policy (NETR), which aims to reduce carbon emissions and turn Malaysia into a low-carbon nation by 2040. It includes a range of green energy development measures, including energy efficiency, renewable energy zones, and green hydrogen.
The establishment of a renewable energy trading center and the adoption of a third party access (TPA) mechanism are also planned by the government. The objectives of these initiatives are to expedite Southeast Asia’s energy transition and facilitate the export of renewable energy across international borders.
Based on market value, Solarvest is the biggest solar company in Malaysia that is publicly traded. By March 2024, 348 MW of solar assets and 440 MW of projects under construction accounted for Solarvest’s 1.2 GW of completed regional projects.
Solar development, design, applications, construction, operation, maintenance, and asset management are all included in the comprehensive services offered by Solarvest. Apart from Malaysia, Taiwan, Singapore, the Philippines, Vietnam, Thailand, and Indonesia are among the six other Asian countries where Solarvest has aggressively pursued the development of renewable energy enterprises.
With a focus on 500 MW of projects, Solarvest and GreenRock are working together on large-scale agrivoltaic and aquavoltaic projects in Taiwan.
