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Solarvest Holdings Berhad (Solarvest or the Group), an esteemed authority in clean energy, is embarking on a series of strategic initiatives to extend its presence into the promising markets of Singapore and Brunei. The primary goal is to capitalize on the surging demand for sustainable energy solutions in these regions.
One significant aspect of this expansion is the collaborative efforts with partners in Singapore. Together, they will work towards advancing the development of energy storage solutions (ESS) in solar energy systems, leading to improved energy stability and reliability. This joint endeavor reflects Solarvest’s commitment to innovation and its mission to provide cutting-edge solutions in the clean energy sector.
By seizing these opportunities and expanding into new territories, Solarvest aims to play a vital role in satisfying the increasing need for renewable energy solutions, contributing positively to the global shift towards a greener and more sustainable future.
Expanding Footprint in Singapore and Brunei:
Solarvest’s strategic expansion into the Singapore and Brunei markets has already yielded remarkable results. The company has successfully secured a total of nine commercial and industrial (C&I) rooftop solar photovoltaic (PV) installation projects, boasting an impressive combined capacity of nearly 4.0 megawatt-peak (MWp). This achievement solidifies the Group’s position as a key player in advancing clean energy solutions in both countries.
Notably, Solarvest’s ambitious plans don’t stop there. With a robust project tender book of 60.0 MWp for rooftop solar PV projects in Singapore and Brunei, the company is poised to further establish its strong market presence and contribute significantly to the region’s renewable energy landscape.
The outlook for clean energy in both countries is exceptionally promising. Singapore has set an ambitious target of reaching 2.0 GWp by 2030, while Brunei aims to achieve a solar energy target of 200.0 MWp by 2025. With Solarvest’s expertise and commitment to sustainable solutions, it is well-positioned to play a pivotal role in helping these nations achieve their renewable energy goals.
Solarvest Partners with Singapore Firms to Accelerate ESS Development in Solar Energy Systems
Solarvest is not only expanding its geographical reach but also actively promoting energy sustainability in the commercial and industrial (C&I) sectors through the advancement of energy storage solutions (ESS) within solar energy systems. To achieve this goal, Solarvest’s wholly owned subsidiary, Solarvest Energy Sdn Bhd (SESB), has formed a strategic collaboration with two esteemed Singapore-based companies: IDA Holdings Pte Ltd (IDA), a multi-faceted industrial consultant, and Acumon Capital Pte Ltd (Acumon), a multi-disciplinary real estate developer and manager.
The signing of a Memorandum of Understanding (MoU) between the parties took place at the AtoZero ASEAN of the International Greentech & Eco Products Exhibition and Conference Malaysia (IGEM) 2023 Preview Event, co-organized by Constellar and the Malaysian Green Technology and Climate Change Corporation (MGTC). Key representatives, including Mr. Leon Liew, Chief Strategy Officer of Solarvest, Mr. Galvin Pang, Chief Financial Officer of IDA, and Mr. Thomas Tan, Executive Director of Acumon, signed the MoU, marking the beginning of this impactful partnership.
The main objective of the MoU is to facilitate the comprehensive development of clean energy projects in the C&I sector, focusing on investment management and land sourcing for ESS-integrated solar projects. Together, the collaborators will submit project proposals and undertake the development and execution of the secured projects.
The development of ESS-integrated solar projects will be empowered by leveraging cutting-edge lithium battery and hydrogen hybrid technologies. These innovations will optimize energy usage, efficiently manage peak demand, and ensure a stable and reliable power supply, further solidifying Solarvest’s commitment to providing sustainable energy solutions. This collaboration marks a significant step towards a greener and more sustainable future for the region’s energy landscape.
Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong () said, "In line with the Group''s 5-Year Strategic Roadmap, our expansion into the Singapore and Brunei markets represents a crucial step in strengthening our ASEAN market presence. With that, our total tender book for overseas projects currently stands at 720.0 MWp, indicating a strong job pipeline for the Group. As part of our expansion strategy, we are progressing across the value chain as a holistic clean energy developer for selected overseas projects. In addition to offering EPCC services, we are actively involved in project development, securing financing, and providing comprehensive operations and maintenance services."
Solarvest’s expanding geographical presence now spans across Taiwan, the Philippines, Vietnam, Indonesia, Thailand, Singapore, and Brunei. This strategic expansion places Solarvest in a favorable position to tap into new overseas income sources.
“As Solarvest continues its journey, we are proactively positioning the Group to capitalize on the growing demand for clean energy solutions through innovative and sustainable offerings. Our tripartite Memorandum of Understanding (MoU) with IDA and Acumon is a significant step towards driving the transition of the commercial and industrial (C&I) sector towards a low-carbon economy, aligning with the United Nations’ Sustainable Development Agenda. The development of Energy Storage Systems (ESS) in solar energy systems holds tremendous potential, enabling new opportunities for energy optimization and empowering businesses in their decarbonization journey with heightened energy security and reliability.”
“By combining Solarvest’s expertise in clean energy with IDA’s architectural prowess and Acumon’s financial support, we envision creating a comprehensive framework for deploying ESS in clean energy projects. This partnership represents a major advancement towards a more robust clean energy ecosystem, accelerating the adoption of green solutions among industrial players.”
Shell Eastern Petroleum (Shell) has signed a Memorandum of Understanding (MoU) with Brunei Shell Petroleum (BSP) to explore the feasibility of carbon transport and storage options for Brunei Darussalam and Singapore. This could potentially form part of a carbon capture and storage (CCS) hub in Southeast Asia.
From left: General Manager Carbon Capture and Storage Asia, Yu Li P''ing, the Managing Director of Brunei Shell Petroleum, Agnete Johnsgaard-Lewis; Chairman of Shell Companies in Singapore, Aw Kah Peng; and Global Head of Thought Leadership and Product Strategy, Emerging Energy Solutions, Tan Seow Hui
Under the MoU, both parties will evaluate the technical and commercial feasibility of carbon storage options in Brunei Darussalam and carbon transport solutions from Singapore. The MoU will also enable cooperation between the two countries in developing relevant policies. This MoU complements efforts undertaken by the Government of Brunei Darussalam and Singapore to deepen cooperation in the areas of energy and green economy, such as CCS1 through an MoU signed in August this year.
"We are in a good position to leverage our existing relationships and track records in Brunei and Singapore to enable the development of a potential CCS hub in Southeast Asia," said Agnete Johnsgaard-Lewis, the Managing Director of BSP.
"CCS will help reduce CO2 emissions from our own operations, as we transform our manufacturing footprint here into Shell Energy and Chemicals Park Singapore." Aw Kah Peng, the Chairman of Shell Companies in Singapore, said, "It also offers a way to reduce emissions from hard-to-decarbonise industries, such as those found on Jurong Island. This will help Singapore cut its carbon footprint as we transition to a lower carbon economy."
a. Building and operating Quest in Alberta, Canada that has safely stored more than 7 million tonnes of CO2 since 2015 under budget and ahead of schedule,
b.Partnering with Equinor and Total in Norway on project Northern Lights to transport CO2 from industrial sources by ship to a central receiving hub and then send the CO2 through pipeline to an offshore store.
Also, in this announcement we may refer to Shell''s "Net Carbon Footprint" or "Net Carbon Intensity", which include Shell''s carbon emissions from the production of our energy products, our suppliers'' carbon emissions in supplying energy for that production and our customers'' carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell''s "Net Carbon Footprint" or "Net Carbon Intensity" are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell''s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and Net Carbon Footprint (NCF) targets over the next ten years. However, Shell''s operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCF target, as these targets are currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell''s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
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We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website
Energy Systems Engineers are professionals who specialize in designing, developing, and optimizing energy systems. They apply their technical expertise, knowledge of energy systems, and understanding of environmental considerations to address the challenges of the modern energy landscape. They play a crucial role in ensuring efficient and sustainable energy production, distribution, and consumption. The concentration of Energy Systems Engineering in the General Engineering program of the FIT focuses on the following aspects of the domain:
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