Malaysia's Solarvest Holdings Berhad has entered a memorandum of understanding (MoU) with Taiwan based Hsinjing Holding Corporate Limited to explore co-development of 500 MW solar energy projects in Taiwan by 2025.
Solar EPC company Solarvest has signed the MoU through its wholly-owned subsidiary Solarvest (Taiwan) Corporate Limited. Listed on Bursa Malaysia, Solarvest has ambition to expand beyond Malaysia and also enter other related businesses as storage (see '1st' Pure-Play Solar Company In Malaysia).
This deal with commercial and industrial (C&I) and utility scale solar projects EPC service provider Hsinjing, helps Solarvest expand within Taiwanese renewable energy market.
"We have identified Taiwan to be a great expansion opportunity for us. The market is ripe for exponential growth for the foreseeable future with the government's active involvement in incentivizing and advocating for the adoption of RE," said Solarvest Group CEO Davis Chong Chun Shiong. "At the moment, we are in the process of tendering for a couple of solar farm projects, one as a developer and another as an EPCC contractor."
Taiwan is targeting a 20% renewable energy share in its power mix by 2025 with 20 GW to be contributed by solar energy, increasing it from 5% in 2020.
Earlier in 2021, Fitch Solutions analysts estimated solar and offshore wind to lead non-hydro renewable energy capacity addition of 20.4 GW in Taiwan by 2030 (see 20.4 GW RE Addition Expected In Taiwan By 2030).