When asked on regional contracts, Chong revealed that Solarvest is fast looking to tap into overseas efforts.
This follows its maiden consortium with a solar energy solutions provider based in the Philippines to provide rural electrification in Mindanao Island there.
In a statement on March 6, Solarvest said it is partnering with Edward Marcs Philippines Inc to work with Philippine government-owned National Power Corporation (NPC) to construct electricity distribution systems in rural areas.
“The Philippines’ electricity demand has been growing steadily due to economic growth, urbanisation, and population growth,” Chong said of this update.
“By that, the country faces challenges such as limited access to electricity in remote and off-grid areas.
“Solar energy has emerged as a promising solution to this problem due to its relative cost efficient and ease of access in meeting the growing electricity demand.
“We are glad to play a part in meeting the Philippines’ rural electrification targets by means of renewable energy via our involvement in a 1 MWp ground-mounted solar development with the Philippines-government-owned National Power Corporation (NPC).”
Following the reopening of national economies, Solarvest is resuming its overseas expansion effort and as of 23 February 2023, having tendered 119MWp of projects in the Philippines; 322MWp of projects in Taiwan; 57MWp of projects in Vietnam; and 9MWp of projects in Indonesia.
Starting up with innovation
Beyond the aforementioned projects, Solarvest also has focus on building up the start-up scene via its Solarvest Innovation Lab 2023 (SIL).
SIL is a startup program that was first founded in October 2021 to promote innovation and entrepreneurship with a focus on green technology (greentech), financial technology (fintech), and renewable energy in Malaysia.
SIL 2023 is a continuation and revitalisation of the startup program and has a broader and more impactful reach among start-ups with a more comprehensive support for their technical and business needs, capital requirements, and networking opportunities.
The goal is to create an ecosystem that supports startups at every growth stage and unlocks the commercial potential of their innovative concepts.
“By unearthing revolutionary ideas in greentech, fintech, and renewable energy, we will push the innovation frontier and bridge the gap between new business concepts and marketable solutions,” Chong said of this initiative.
“Additionally, as we expand vertically across the clean energy ecosystem, we plan to integrate viable business ideas in the development of better solutions that will help increase energy yield and overall efficiencies.”
Samaiden grows towards next stage as it transfers to Main Market
SAMAIDEN hopes to take its company growth to the next stage, coming hot off the heels of its recent transfer of its entire issued share capital and outstanding warrants from ACE Market to the Main Market of Bursa Malaysia.
“For us, this is a historic milestone following our listing on the ACE Market of Bursa Securities on October 15, 2020,” Samaiden Group Bhd group managing director Chow Pui Hee said in a statement.
“We intend to leverage on our Main Market listing status to expand our market presence supported by the track record of EPCC projects that we have completed while seeking opportunities based on our renewable energy expertise in photovoltaic systems and power plants to offer the services that businesses and organisation need, for more sustainable operations.”
In a follow-up interview with BizHive, Chow remained optimistic of Samaiden’s prospects, following the government’s commitment to meeting its target of achieving net zero greenhouse gas emissions by 2050.
“In addition, I believe that the Malaysian government will continue to assist the development of the renewable energy industry in the future. After all, net zero greenhouse gas emissions is a big vision, and we are happy to be part of it.”
Chow suggested that liberalising the power supply within the nation is critically vital to promote the growth of our energy sector.
This comes as quota restrictions are still in place for power generation.
“We firmly believe that restriction alleviation, to certain extent, could spur the growth of green energy transition,” he told BizHive.
China’s reopening a ‘market disruption’
When asked if China’s abandonment of Covid-zero policy have any impact to solar power panel supply and price, Chow believed China’s reopening is disrupting energy markets as the abrupt shift from Covid Zero shutters industry and upends the usual flow of commodities.
“The China Silicon Industry Association has issued a statement saying that many wafer manufacturers used in solar panels have scaled back operations, with some operating at only 60 to 70 per cent of capacity.
“The supply shock comes at the tail end of a record-breaking year for solar installations in China. To keep up production, some Chinese renewables firms are operating closed loops in their factories to keep the virus at bay.
“The group will continue to maintain strict inventory management to avoid unnecessary additional costs. In addition, the board is cautiously optimistic that the group’s future performance will remain satisfactory.”
Currently, the group’s total outstanding orderbook stood at RM269.54 million as at December 31, 2022 and is expected to contribute positively to the group’s revenue and profit over the next three years.
Chow said Samaiden is constantly seeking the contribution of revenue from all of its business segments, in line with the company’s aim is to be the one stop services and solutions provider in clean energy industry.
“Presently, the contribution from EPCC still the largest but we have been actively looking for the RE asset ownership so that we can have the recurring income.
“Environmental consultancy is always our foremost interest since our foundation year while O&M can be served as the complementary services for our customers.”
“Investing in a RE asset typically requires a significant amount of capital expenditure.
Chow said it was important to carefully evaluate the financing position of the investor before making any decisions to invest in RE assets.
“Our ideal contribution from RE asset ownership will be around five to 10 per cent but this value could be growing higher if we are financially ready.”
Towards the region for expansion
When asked if there were there any updates to the Cambodian venture exploring clean energy-related business opportunity, Chow said: “We are still in discussions with Management Venture Asia (Cambodia) Ltd and will make the necessary announcements when the group has something concrete in hand.
“Expanding in Southeast Asia is part of our five-year plan given the region’s growing population and its geographical advantages. Partnerships are key and MVA’s domestic market presence as well as experience in RE infrastructure will ensure that the group’s expansion plans in Cambodia are focused.”
Samaiden was also utilising corporate partnerships to help itself grow, such as the recent partnership with Thingnario Ltd (Thingnario) with its operation and maintenance (O&M) business.
The partnership centres around the provision of telemetry monitoring system support to Samaiden’s RE and energy efficiency (EE) businesses by Thingnario.
“What we are looking to provide are effective and efficient solutions to our O&M customers to optimise asset performance and improve these assets return on investment,” Chow said.
“Thingnario’s solutions align with the group’s EE business, which was launched in October 2022 to add further value to the O&M services.
“The EE business mainly focuses on energy saving measures to reduce electricity consumption by commercial and industrial owners. The EE business solution we offer comprise energy assessment and energy optimisation.”
Samaiden also has its joint venture (JV) with Aneka Jaringan Holdings Bhd (Aneka Jaringan) formed in August 2022 to explore engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants in Indonesia.
“Indonesia presents lots of potential not just for EPCC of solar PV projects but also for the provision of environmental consulting and O&M services.
“The partnership with Aneka Jaringan enables us to leverage on its local knowledge, network and experience.”
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