Malaysia’s renewable energy sector is set for a significant boost as LBS Bina Group Berhad (LBS Bina) and Solarvest Holdings Berhad join forces on a 43MWp solar farm project. This ambitious venture, facilitated by a RM104 million EPCC (Engineering, Procurement, Construction, and Commissioning) contract awarded to Solarvest, embodies both companies’ unwavering commitment to sustainable and green energy transition.
A Major Leap in Renewable Energy
Project Details and Impact
The solar farm will be established in Senawang, Negeri Sembilan, with an anticipated completion date by the end of 2025. Upon becoming operational, it is projected to generate around 53,000 megawatt-hours (MWh) of clean energy annually. This is a substantial contribution to the region’s renewable energy capacity and will significantly reduce carbon footprints. Specifically, the project is expected to offset approximately 35,000 tonnes of carbon dioxide emissions each year, marking a substantial step towards achieving climate goals.
In tandem with power generation, the solar farm is set to introduce approximately 53,000 Renewable Energy Certificates (RECs) to the market. These certificates will aid corporate consumers in meeting their sustainability targets by offering verifiable proof of renewable energy use. By providing these certificates, the project will serve as a cornerstone for businesses striving towards more eco-friendly operational practices.
Corporate Green Power Programme Involvement
This solar farm initiative marks LBS Bina’s inaugural venture into the renewable energy sector through the Corporate Green Power Programme (CGPP). The project is backed by a consortium, Suria Hijauan Sdn Bhd, which includes Setara Armada Sdn Bhd, MWG Solar Energy Sdn Bhd, and Ocean Solar Energy Sdn Bhd. Notably, Setara Armada is a wholly-owned subsidiary of LBS, ensuring a seamless integration of expertise and resources for the project’s success.
The involvement of LBS Bina in this program underscores its strategic pivot towards embracing sustainability and green technology. Engaging in the CGPP allows LBS Bina to not only diversify its operational portfolio but also establish its footprint in the emerging green energy market. By positioning itself within this innovative sector, LBS Bina is playing a critical role in the broader mission of transitioning to sustainable energy solutions.
Partnership Dynamics and Future Prospects
LBS Bina’s Commitment to ESG
Both LBS Bina and Solarvest are optimistic about their collaborative efforts in this renewable energy project. Tan Sri Dato’ Sri Ir Lim Hock San, Group Executive Chairman of LBS Bina, has emphasized the company’s dedication to Environmental, Social, and Governance (ESG) principles. This venture aligns with their long-term vision of sustainable growth and operational excellence. It reflects LBS Bina’s strategic initiatives to integrate ESG factors into their business, highlighting their proactive stance in addressing pressing environmental issues.
LBS Bina’s foray into renewable energy through this project not only reinforces their dedication to sustainability but also showcases their confidence in Solarvest’s capabilities. By aligning with Solarvest, LBS Bina leverages the latter’s proficiency in delivering high-caliber renewable energy projects, thus ensuring quality and efficiency in execution. This strategic alignment fortifies LBS Bina’s position as a progressive, ESG-compliant enterprise poised for future growth.
Solarvest’s Role and Market Opportunity
Davis Chong Chun Shiong, Executive Director and Group CEO of Solarvest, has acknowledged the heightened awareness of ESG among corporations. His enthusiasm for contributing to renewable energy infrastructure through the CGPP is evident. As of September 2024, Solarvest’s EPCC order book stands at an impressive RM582 million, illustrating their substantial market presence. This order book, filled with diverse and high-value projects, underscores Solarvest’s robust operational capabilities and industry leadership.
Additionally, Solarvest is eyeing further EPCC opportunities under the CGPP, targeting an estimated capacity of approximately 380 MWp with a projected project value of around RM800 million. By positioning themselves at the forefront of green energy infrastructure development, Solarvest aims to capitalize on the growing demand for sustainable energy solutions. Their strategic initiatives not only bolster their market presence but also contribute to Malaysia’s overarching renewable energy goals.
Conclusion
Malaysia’s renewable energy sector is poised for a substantial advancement with the collaboration between LBS Bina Group Berhad (LBS Bina) and Solarvest Holdings Berhad on an ambitious 43MWp solar farm project. The endeavor underscores the commitment of both companies to facilitate a sustainable future powered by green energy. The project is bolstered by a robust RM104 million EPCC (Engineering, Procurement, Construction, and Commissioning) contract, awarded to Solarvest, signifying a strong push toward reducing reliance on non-renewable energy sources.
This solar farm represents a meaningful stride for Malaysia as it aims to increase its renewable energy capacity and reduce its carbon footprint. By harnessing the power of the sun, Malaysia sets a vital example in the Southeast Asian region, showing how integrating renewable energy into national grids can promote sustainability. The partnership between LBS Bina and Solarvest reflects a shared vision for an eco-friendly future, driving innovation in energy solutions and underlining that investments in green technology can lead to both environmental benefits and economic growth.
