KUALA LUMPUR: Solarvest Holdings Bhd has secured two new contracts in the Philippines from Vivant Energy Corporation.
Vivant’s principal business activities include energy distribution and generation, retail electricity supply, as well as energy-related engineering solutions across Luzon, Visayas and Mindanao in the Philippines.
Solarvest, a solar photovoltaic (PV) system specialist, said it would undertake the engineering, procurement, construction and commissioning (EPCC) works for the projects.
“The first project is for the development of solar PV systems at 10 designated buildings, with cumulative capacity of 816.2 kilowatt peak (kWp), located at the University San Agustin, Iloilo City, Philippines.
“Under the second solar project, Solarvest will develop 377.52 kWp solar PV systems for Bulihan Industrial Park located at Bulacan,” it said in a statement today.
Solarvest said the new solar rooftop projects would be completed within the year.
Group chief executive officer Davis Chong Chun Shiong said Solarvest aimed to make further inroads into the Philippines and was actively in talks with local partners to bid for more projects there.
Chun said the Philippines is a key focus market for Solarvest as its aim is to capitalise on the expanding renewable energy investments there.
“The potential of the solar industry in the Philippines is robust and the market size is expected to reach about PhP1.5 trillion by 2030, according to an Institute for Energy Economic and Financial Analysis report in 2018,” he said.
He also said its move to the Philippines was in line with the group's strategic intents to diversify its geographical footprint.
“Currently, the group operations are mainly in peninsular Malaysia.
“Our move over the mid-term, we hope to grow our operations in the overseas markets, which includes countries such as the Philippines, Taiwan and Vietnam,” he added.