Solarvest inks 59.98MWac corporate green power agreements

Each agreement has a tenure of 21 years.

Solarvest Holdings Berhad has entered into five separate corporate green power agreements (CGPA) with a Malaysian multi-asset exchange, two global semiconductor manufacturers, and a global data centre service provider to build two solar power plants in Lumut and Kulim.

In a statement, Solarvest said the plants will produce a total of 59.98 megawatts of electricity. Its partners will purchase the power supply for the next 21 years at an agreed pricing.

The agreements were made through two joint ventures: one with Savelite Engineering Sdn. Bhd. and TNB Renewables Sdn. Bhd., and another solely with TNB Renewables Sdn. Bhd.

Solarvest said the agreements are under Malaysia’s Corporate Green Power Programme. This allows corporations to procure virtual renewable electricity, eliminating the necessity to install solar photovoltaic assets on their premises. Corporate consumers can also obtain bundled Renewable Energy Certificates, verifying the origin of electricity from renewable energy resources in supporting their sustainability goals and commitments.

The company expects the CGPAs to strengthen its recurring income stream from the sale of electricity generated by the solar power plants.