GreenRock Partners with Solarvest to Advance Battery Storage and Solar Projects in Southeast Asia
Green Rock Energy Chairman Yeh Meng Heng (first from right) signed a new memorandum of understanding with Solavest.
The International Green Technology and Eco-Products Exhibition (IGEM) commenced in Malaysia on 10 October. Taiwanese green energy giant Green Rock Energy and its partner, CHUANG CHUEN ENERGY under CHUANG CHUEN HOLDINGS, signed a new cooperation agreement with the country's listed solar company Solarvest (Xuhui Holdings) that day. The signing was witnessed by the Malaysian Investment Development Authority (MIDA) and Minister of Economic Affairs Rafizi Ramli. The agreement encompasses collaborative projects for Battery Energy Storage Systems (BESS) across Southeast Asia, alongside solar development initiatives within the Association of Southeast Asian Nations (ASEAN).
Southeast Asia's green energy market holds remarkable potential. According to an International Energy Agency (IEA) report, driven by surging global demand for green energy and sustained policy support from regional governments, the region's renewable energy output is projected to exceed US$100 billion by 2030, attracting a flurry of international investors.
Taiwanese renewable energy developers are actively expanding overseas, with Green Rock Energy having secured an early advantage. Under Chairman Ye Mengheng's leadership, it became the first Taiwanese company to enter Malaysia's green energy market. Green Rock's outstanding development capabilities lead the industry, having cultivated the solar sector for years. Ye Mengheng stated: ‘This new cooperation agreement not only expands our business scope but also facilitates rapid integration into the Malaysian market, strengthening our strategic footprint in Southeast Asia. We look forward to collaborating with our partners to create greater value.’
The signing ceremony was witnessed by MIDA, Malaysia's primary investment development agency, which supports attracting international capital through various investment incentives and policies. MIDA's close collaboration with Solarvest, facilitating connections with Taiwanese enterprises, reflects Malaysia's strong commitment to advancing renewable energy. MIDA noted: ‘The memorandum of understanding signed by Solarvest represents a cumulative investment of US$150 million, which will significantly impact and bolster Malaysia's green energy sector.’
Solarvest possesses robust capabilities in the solar energy sector, having gained recognition from local authorities. It also provides green electricity sales services across the ASEAN region. Solarvest stated: "Our partners in this collaboration include Taiwanese entities Green Rock Energy and CHUUK Holding, alongside Vista Contracting & Investment Global Pte. Ltd. (a subsidiary of the Samsung Group), Allianz Bank Malaysia, and Universiti Kebangsaan Malaysia. By integrating resources from investors, EPC contractors, and green power purchasers across the entire industry chain, Solarvest is making thorough preparations to further expand its influence in Southeast Asia."
With the growing demand for renewable energy within the region, this collaboration will create more opportunities for green energy development in Southeast Asia, jointly driving the region's energy transition and advancement.
