The Ministry of Science, Technology and Innovation (MOSTI) provided more than RM254 million in loan financing to encourage research and technology application in the country’s solar industry from 2011 to last year.
Science, Technology, and Innovation Minister, Datuk Seri Dr Adham Baba said of that amount, RM14.8 million was distributed to higher education institutions, government agencies and industry stakeholders for local solar energy research and development (R&D).
He said MIMOS Berhad has developed four RD projects through ScienceFund and Strategic Research Fund with funding of RM15.22 million to increase solar power output with the use of local axis trackers and high-efficiency solar panels through the use of advanced materials.
In addition, three energy specialist companies for Solar Photovoltaic (PV) System services including the construction of a 10-megawatt solar power plant are financed by MOSTI’s financing agency, namely Malaysia Venture Capital Management Berhad (MAVCAP) through a Venture Capital Fund amounting to RM16.85 million,” he said.
He said this when speaking to officiate the Malaysian Photovoltaic Industry Association (MPIA) Solar Roadshow 2022 Program here today. Also present was MPIA Vice President Datuk Muhammad Guntor Mansor Tobeng.
Dr Adham said a total of RM207.75 million in loans had been given to 23 local companies based on solar energy technology through Malaysia Debt Ventures (MDV) under the Liquidity Financing For Technology Start-Ups Program (MDV-LIFTS).
Meanwhile, Muhammad Guntor said MPIA through a special memorandum to the Ministry of Finance in conjunction with the presentation of the 2023 Budget has proposed a personal tax reduction of RM50,000 in five years for the installation of solar panels.
So is the exemption of Sales and Service Tax (SST), and import duty for businesses related to solar panels and battery storage power systems.
“We hope the government will consider the proposal and we believe it will be a catalyst for the use of renewable energy in accordance with the government’s mission and targets,” he said.
