Solarvest Holdings Berhad has secured two new contracts in the Philippines from Vivant Energy Corporation.
The solar photovoltaic system specialist will undertake the engineering, procurement, construction and commissioning (EPCC) works for both 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, IIoilo City.
The second solar project undertaken will be the development of the 377.52 kWp solar PV systems for Bulihan Industrial Park located Bulacan.
The projects will be completed within the year and are expected to contribute positively to Solarvest’s financial performance for the financial year ending 31 March 2021 (FY2021).
“This marks our first expansion beyond Malaysia, and we are thrilled to have received the opportunities and confidence from an established industry player such as Vivant Corporation,” said group chief executive officer, Davis Chong.
“We aim to make further inroads into Philippines and are actively in talks with local partners to bid for more projects there. Philippines is a key focus market for us as we aim to capitalize on the expanding renewable energy investments in the country. The potential of solar industry in Philippines is robust and the market size is expected to reach about PhP1.5 trillion by 2030, according to Institute for Energy Economic and Financial Analysis (IEEFA) report in 2018.”
“Currently, our operations are mainly in the peninsular Malaysia. Our move to Philippines is in line with our strategic intents to diversify our geographical footprint. Over the mid-term, we hope to grow our operations in the overseas markets, which includes countries such as Philippines, Taiwan and Vietnam,” he concluded.