UNLIKE most businesses which suffered in 2020 due to the COVID-19 pandemic, Solarvest Holdings Bhd had a bountiful year last year as it managed to clinch approximately 100 megawatts peak (MWp) of rooftop projects which boosted its market share significantly.
This has strengthened the solar photovoltaic (PV) solutions provider’s leading position in the local solar engineering, procurement, construction and commissioning (EPCC) industry.
In view of the surge in solar demand, thanks to the phenomenal take up rate in the commercial and industrial sector, Solarvest believes that the time is ripe to expand its inventories.
This has led to Solarvest inking two memorandums of understanding (MOU) with Huawei Technologies (Malaysia) Sdn Bhd and Sungrow Power Supply Co Ltd respectively to gear up for growth.
The PV solutions specialist expects the uptake and demand for solar energy to remain robust as businesses are intensifying its environmental, social and governance (ESG) efforts.
“The growing tide of sustainable investments further drives the need for corporate leaders to accelerate its adoption in renewable energy,” the company said in a statement.
Meanwhile, the solar industry is set to experience a busy year ahead with the with the roll out of Large Scale Solar (LSS) programme by Malaysian electricity industry to attract renewable energy investment ([email protected]) and NEM 3.0 programme, injecting approximately 1,000 MW and 500 MW fresh new quotas in 2021.
Premised on that, Solarvest is ramping up its inventories and solutions to ride the solar boom. Under the MOUs, the company will be committing to a cumulative order capacity of approximately 200 MW of solar inverters from top tier global inverter suppliers, Huawei and Sungrow, to further boost its competitiveness and quality of its services.
With this, Solarvest is confident that they are in good position for its EPCC and solar assets bids in the [email protected] programme bolstered by its strong track record in LSS1 and LSS2.
“The new capacity will fuel and accelerate our speed to market as we are aggressively increasing our market share,” Solarvest’s group CEO Davis Chong Chun Shiong commented.
Considering all these promising prospects, Solarvest believes it is set for another breakthrough year in 2021, Chong added. – Feb 5, 2021