KUALA LUMPUR: Paragon Globe Bhd (PGB) and Solarvest Holdings Bhd have agreed to work together for a 57 hectare (ha) solar-ready factory and green industrial township that will produce 12.5 Megawatt peak (MWp) total renewable energy capacity.
Solarvest's deliverables for the project will be financed by the company's Powervest solar financing programme, which will enable PGB to adopt the solutions with zero initial capital outlays.
These include a combination of commercial and industrial, end-use energy, andelectric vehicle (EV) charging facilities.
"Upon completion, the project is anticipated to yield some 12.5MWp in total renewable energy capacity, making it one of Johor's greenest and most energy efficient industrial townships," said the company in a filing with Bursa Malaysia. PGB has signed a Memorandum of Understanding (MOU) with Solarvest today to collaborate on this project.
The company said, PGB's unique, approximately 57ha green industrial development – one of the largest in the state – is aligned with the state's sustainable development and renewable energy aspirations as espoused in the Johor Smart City Blueprint 2030, and additionally, will provide significant economic benefits to the state.
Solarvest executive director and group chief executive officer Davis ChongChun Shiong said Johor is aiming to reach RM260 billion gross domestic product by 2030, with renewable energy and electric vehicles being two of its key focuses.
The key initiatives like the Kuala Lumpur-Singapore high-speed rail and the Johor-Singapore special economic zone will draw investments for the region's infrastructure development, thereby creating a positive spillover to the renewable energy industry, he said.
Solarvest's collaboration with PGB takes a leap forward in realising "Johor Green Deal" goal in accelerating energy transition within the commercial and industrial buildings in the region.
"With the exciting launch of large scale solar (LSS5), additional new enhanced dispatch agreement (NEDA) and net energy metering (NEM) quota allocation, we believe Johor is in a sweet spot to benefit from these national policies complementing its rich resources and land space," he said in a statement.
PGB executive chairman Datuk Seri Edwin Tan Pei Seng said his vision to develop a solar-ready, sustainable industrial township in Johor Bahru sets PGB apart as a developer, one that is both mindful of investing into Johor and contributing to the state's growing status as a renewable energy hub.
"We are keen for the project to attract additional foreign direct investment (FDI) into the state," he said.
-ends-