Solarvest Holdings Berhad signed an MOU with Hsinjing Holding Corporate Limited to explore opportunities of collaboration with the target to develop 500 megawatts (“MW”) worth of solar projects in Taiwan by 2025.
Listed on the Taipei Exchange Hsinjing is an established investor and engineering, procurement, construction, and commissioning contractor of solar photovoltaic systems for commercial and industrial businesses as well as large-scale solar projects. The Taiwanese government plans to increase its renewable energy capacity mix from 5% in 2020 to 20% by 2025 with 20 gigawatts projected to come from solar energy. Between 2021 and 2025, an estimated 14.2 GW of solar energy will be installed in Taiwan.
Malaysian solar companies have been actively looking to expand their services beyond the shore and with opportunities in the region, Solarvest could be setting the stage for more vendors to explore out. According to the company it had identified Taiwan to be a great expansion opportunity being the market is ready for exponential growth for the foreseeable future with the government’s active involvement in incentivising and advocating for the adoption of RE.
The company is at the early stage in Taiwan with its subsidiary there in the process of tendering for a couple of solar farm projects, one as a developer and another as an EPCC contractor. With Hsinjing on board, Soalrvest is more optimistic about its overall prospects in Taiwan.
