Paragon Globe Berhad (PGB) signed a memorandum of understanding (MoU) with Solarvest Holdings Berhad to collaborate in developing a solar-ready factory and green industrial township in Johor.
In a Bursa filing today (Feb 2), Solarvest’s deliverables for the project will be financed by the company’s Powervest solar financing programme, which will enable PGB to adopt the solutions with zero initial capital outlays.
“These include a combination of commercial and industrial, end-use energy, and electric vehicle (EV) charging facilities.
“Upon completion, the project is anticipated to yield some 12.5MWp in total renewable energy (RE) capacity, making it one of Johor’s greenest and most energy efficient industrial townships,” it said in a joint statement.
The statement said that PGB’s approximately 141-acre green industrial development – one of the largest in the state – complements the vision of the Johor ruler and the new King Yang di-Pertuan Agong Sultan Ibrahim Ibni Almarhum Sultan Iskandar for Johor to be a major player in the solar and RE space.
“It is further aligned with the state’s sustainable development and renewable energy aspirations as espoused in the Johor Smart City Blueprint 2030, and additionally, will provide significant economic benefits to the state.
PGB executive chairman Datuk Seri Edwin Tan Pei Seng said both of the groups’ vision is to develop a solar-ready, sustainable industrial township in Johor Bahru sets PGB apart as a developer.
“We want to be one that is both mindful of investing into Johor and contributing to the state’s growing status as a renewable energy hub.
“We are keen for the project to attract additional foreign direct investment into the state, which in 2022, saw a total of RM70.6 billion in FDI – the most of all the states,” he said.
Solarvest executive director and group chief executive officer Davis Chong Chun Shiong added Johor is aiming to reach RM260 billion GDP by 2030, with renewable energy and electric vehicles being two of its key focus.
“The key initiatives like the Kuala Lumpur-Singapore high-speed rail (HSR) and the Johor-Singapore special economic zone (JS-SEZ) will draw investments for the region’s infrastructure development, thereby create a positive spillover to the renewable energy industry.
“Solarvest’s collaboration with PGB takes a leap forward in realising ‘Johor Green Deal’ goal in accelerating energy transition within the commercial and industrial buildings in the region.
“With the exciting launch of large scale solar 5 (LSS5), additional new enhanced dispatch arrangement (NEDA) and net energy metering (NEM) quota allocation, we believed Johor is in a sweet spot to benefit from these national policies complementing with its rich resources and land space,” Chong added.
