Solarvest Holdings Berhad announced thta it has secured five separate Corporate Green Power Agreements with a Malaysian multi-asset exchange, two global leading semiconductor manufactures, and a leading global data center service provider under the Corporate Green Power Programme.
It added that the agreements are made through two joint ventures: one with Savelite Engineering Sdn. Bhd. and TNB Renewables Sdn. Bhd., and another solely with TNB Renewables Sdn. Bhd.
Under these CGPAs, Solarvest and partners, as the Solar Power Producers, will undertake the ownership and development of two solar power plants located in Lumut, Perak and Kulim, Kedah. Meanwhile, the Corporate Consumers will collectively offtake a combined electricity capacity of 59.98 megawatts ("MWac") generated from the solar power plant for 21 years, with a contract for difference mechanisms at an agreed pricing.
The CGPP represents the Malaysian government's commitment to advancing the nation's energy transition. Through a CGPA model, the CGPP offers corporations the opportunity to procure virtual renewable electricity, eliminating the necessity to install solar photovoltaic assets on their premises. By participating in the CGPP, corporate consumers can obtain bundled Renewable Energy Certificates ("RECs"), verifying the origin of electricity from renewable energy resources in supporting their sustainability goals and commitments.
On top of the CGPP programme, Solarvest said it is actively exploring a potential collaboration with Micron to achieve its zero-emission goal and explores ways to reduce its carbon footprint through the newly launched Corporate Renewable Energy Supply Scheme (CRESS). The open grid access concept and third-party access (TPA) allows Solarvest to supply electricity to corporate clients in Malaysia via the national grid network.