The International Greentech & Eco Products Exhibition & Conference Malaysia (IGEM) 2024 opened on October 10. On the same day, Taiwan’s leading green energy company, GreenRock Energy, together with its partner, Chailease Energy, a subsidiary of Chailease Holding, signed a new MOU with Malaysia-listed solar company Solarvest. The signing ceremony was witnessed by the Malaysian Investment Development Authority (MIDA) and the Minister of Economy, Rafizi Ramli. The agreement covers cooperation on Battery Energy Storage Systems (BESS) in Southeast Asia and solar development projects across the ASEAN region.
Southeast Asia’s green energy market holds tremendous potential. According to a report by the International Energy Agency (IEA), with surging global demand for renewable energy and the ongoing support of regional governments, Southeast Asia’s renewable energy market is projected to surpass USD 100 billion by 2030, attracting international companies eager to tap into the opportunity.
Taiwanese renewable energy developers are actively expanding overseas, and GreenRock Energy has already taken the lead. Under the leadership of Chairman Yeh Meng-Heng, GreenRock became the first Taiwanese company to enter Malaysia’s green energy market. With years of experience and strong capabilities in the solar energy industry, GreenRock has outpaced its competitors. Chairman Yeh stated, "The signing of this new agreement not only expands our business scope but also accelerates our integration into the Malaysian market, strengthening our strategic presence in Southeast Asia. We look forward to working hand-in-hand with our partners to create greater value."
The signing ceremony was overseen by MIDA, Malaysia’s primary investment development agency, which supports foreign investments through various incentives and policies. MIDA’s close cooperation with Solarvest reflects Malaysia’s commitment to advancing renewable energy. MIDA stated, "The Memorandum of Understanding (MOU) signed by Solarvest represents a cumulative investment of USD 150 million, which will significantly bolster Malaysia’s green energy industry."
Solarvest, a leading player in the solar sector, is recognized by the Malaysian government and provides green electricity sales services throughout the ASEAN region. Solarvest commented, "In addition to our Taiwanese partners GreenRock Energy and Chailease Holding, our collaborators include Vista Contracting & Investment Global Pte. Ltd., a subsidiary of Samsung Group, Allianz Bank Malaysia, and the National University of Malaysia. By integrating resources from investors, EPC contractors, and green energy purchasers, Solarvest is fully prepared to further expand its influence in the Southeast Asian market."
As the region’s demand for renewable energy continues to grow, this partnership will unlock new opportunities for green energy development in Southeast Asia and contribute to the region’s energy transition and growth.