SLVEST (0215) SOLARVEST HOLDINGS BERHAD inks MoU with Taiwanese RE player Hsinjing to tap 500 MW solar projects by 2025

SLVEST (0215) SOLARVEST HOLDINGS BERHAD inks MoU with Taiwanese RE player Hsinjing to tap 500 MW solar projects by 2025

SHB group chief executive officer Davis Chong Chun Shiong said the MoU with HHCL is an important step for the company to advance its regional expansion agenda and within the Taiwanese renewal energy (RE) market.

KUALA LUMPUR: Solarvest Holdings Bhd's (SHB) wholly-owned subsidiary Solarvest (Taiwan) Corporate Ltd (SCL), signed a memorandum of understanding (MoU) with Hsinjing Holding Corporate Ltd (HHCL) to develop 500 megawatts (MW) worth of solar projects in Taiwan by 2025.

SHB group chief executive officer Davis Chong Chun Shiong said the MoU with HHCL is an important step for the company to advance its regional expansion agenda and within the Taiwanese renewal energy (RE) market.

"We are encouraged by the shared confidence shown by HHCL toward our technical capabilities in implementing large-scale solar projects.

"Together, we have set a target to develop solar projects with a cumulative capacity of 500 MW in Taiwan by the end of 2025," he said in a statement today.

Listed on the Taipei Exchange (TPEX), HHSL is an established investor and engineering, procurement, construction, and commissioning (EPCC) contractor of solar photovoltaic (PV) systems for commercial and industrial businesses as well as large-scale solar projects.

The Taiwanese government plans to increase its RE capacity mix from 5 per cent in 2020 to 20 per cent by 2025, with 20 gigawatts (GW) projected to come from solar energy.

Between 2021 and 2025, an estimated 14.2 GW of solar energy will be installed in Taiwan.

Davis said SHB had identified Taiwan as a significant expansion opportunity for the company as the market is ripe for exponential growth for the foreseeable future with the government's active involvement in incentivising and advocating for the adoption of RE.

"At the moment, we are in the process of tendering for a couple of solar farm projects, one as a developer and another as an EPCC contractor.

"Now, with HHSL on board, we are even more optimistic about our overall prospects in Taiwan.

"The geographical expansion is anticipated to contribute strong bottom-line growth to SHB for the years to come," Davis said.

https://www.nst.com.my/business/2021/10/740942/solarvest-inks-mou-taiwanese-re-player-hsinjing-tap-500-mw-solar-projects