KUALA LUMPUR: Solarvest Holdings Bhd's subsidiary Solarvest (Vietnam) Co Ltd has secured a total of 11 rooftop solar photovoltaic (PV) installation projects in Vietnam, with a combined capacity of 12.8 megawatt-peak (MWp).
Solarvest will play a pivotal role as a clean energy developer for these secured projects, actively engaging in project development, financing procurement, and the provision of comprehensive operations and maintenance services.
The company is collaborating with a renowned local partner that will deliver engineering, procurement, construction, and commissioning (EPCC) services for these projects.
Solarvest executive director and group chief executive officer Davis Chong Chun Shiong said the progress of its overseas expansion efforts is well-aligned with its five-year strategic roadmap.
"Including Vietnam, our overseas project tender book now stands at 620 MWp, indicating a strong job pipeline for the company.
"This strategic expansion positions Solarvest favorably to tap into new streams of overseas income," he said in a statement.
The prospects in Vietnam's clean energy market are highly promising, with its commitment to transition away from coal as outlined in the Vietnam Eight National Power Development Plan (PDP8), Chong added.
The PDP8 establishes ambitious goals in the country's energy generation mix, aiming for renewables installed capacity to reach 150 gigawatts (GW) by 2030 and 500GW by 2050.
Consequently, Vietnam's Ministry of Industry and Trade recently introduced a mechanism to incentivise the development of rooftop solar power systems, with a vision of equipping half of the country's office and residential buildings with rooftop solar panels by 2030.
Chong said as part of the company's strategic expansion plan, Solarvest is advancing across the value chain as a comprehensive clean energy developer for its overseas projects.
Given the focus on solar and wind energy within PDP8, where solar and wind energy are projected to account for approximately 34 per cent and 27 per cent, respectively of the 500GW installed capacity, the company is exploring wind energy projects alongside its ongoing solar ventures in Vietnam.
"Furthermore, we are venturing into innovative sustainable solutions, including battery energy storage systems, 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," he said.
Currently, the company has a robust project tender book of 100 MWp in the country.