Solarvest growing as a clean energy developer in Vietnam

Clean energy specialist Solarvest Holdings Berhad has recently clinched eleven rooftop solar photovoltaic (PV) installation projects in Vietnam boasting a combined capacity of 12.8 megawatt-peak (MWp) through its wholly-owned subsidiary, the Solarvest (Vietnam) Co. Limited.

Solarvest’s strategic move marks its entry into the Vietnamese market, driven by its commitment to meet the growing demand for sustainable energy solutions. The company currently holds a robust project tender book totaling 100 MWp in Vietnam, underscoring its strong dedication to advancing clean energy initiatives within the region.

“We are delighted with the progress of our overseas expansion efforts, which are well-aligned with our five-year strategic roadmap,” said Mr. Davis Chong Chun Shiong, Executive Director and Group CEO of Solarvest. “Including Vietnam, our overseas project tender book now stands at 620 MWp, indicating a strong job pipeline for the Group. This strategic expansion positions Solarvest favorably to tap into new streams of overseas income.”

In these secured projects, Solarvest will take on a pivotal role as a clean energy developer. Its responsibilities encompass project development, financing procurement, and the provision of comprehensive operations and maintenance services. To accomplish this, the Group has teamed up with a well-established local partner responsible for engineering, procurement, construction, and commissioning (EPCC) services for these ventures.

“The prospects in Vietnam’s clean energy market are highly promising, with its commitment to transition away from coal,” he added. “As part of our strategic expansion plan, we are advancing across the value chain as a comprehensive clean energy developer for our overseas projects. Given the focus on solar and wind energy, where solar and wind energy are projected to account for approximately 34 per cent and 27 per cent, respectively, of the 500 GW installed capacity, we are actively exploring wind energy projects alongside our ongoing solar ventures in Vietnam. Furthermore, we are venturing into innovative sustainable solutions, including battery energy storage systems (BESS), to enhance energy supply reliability and efficiency within our Vietnam projects. These efforts are aimed at strengthening our foothold in both the domestic and international clean energy markets.”