Malaysian photovoltaic (PV) plants builder Solarvest Holdings Bhd (KLSE:SLVEST) will seek to develop up to 500 MW of solar projects in Taiwan by 2025 in partnership with local EPC firm Hsinjing Holding Co Ltd (TPEX:3713).
Solarvest and Taiwan-based Hsinjing have signed a Memorandum of Understanding (MoU) to jointly explore opportunities for deploying the capacity, Solarvest said on Friday. Details about the specific projects were not provided.
“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 incentivising and advocating for the adoption of RE,” said Davis Chong Chun Shiong, CEO of Solarvest. He added that the Malaysian group is preparing to tender several solar projects in Taiwan, one of them as a developer and another one as an engineering, procurement, construction and commissioning (EPCC) contractor.
With Hsinjing on board, Solarvest anticipates “strong bottom-line growth” for the years to come, the CEO said.
Taiwan aims to lift the share of renewable energy in its total installed capacity to 20% by 2025 from 5% in 2020. In line with this target, some 14.2 GW of solar PV parks are expected to go online between 2021 and 2025.
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