Brookfield has entered into a joint investment framework agreement with Malaysian clean energy company Solarvest Holdings Bhd to jointly develop, construct and operate at least 1.5 gigwatts (GW) of utility-scale solar and battery energy storage projects in Malaysia.
According to a Sept 22 announcement, Brookfield owns and operates diversified portfolios of renewable power and transition assets with more than 270GW of operational and development capacity. The partnership with Solarvest is Brookfield’s first investment in Malaysia via its Catalytic Transition Fund, Brookfield’s primary vehicle to invest in and accelerate decarbonisation in emerging markets globally.
Malaysia was selected due to its standing in Southeast Asia as a strong and attractive renewable energy market, underpinned by robust demand fundamentals and supportive policy frameworks.
Under the partnership, Brookfield says Solarvest will bring its deep local development expertise and proven execution track record, having developed more than 2.3GW of solar PV across completed and ongoing projects in Malaysia. Brookfield will bring its access to large-scale capital, global and regional corporate offtake relationships and operational capabilities.
Daniel Cheng, Brookfield’s head of renewable power and transition for Asia Pacific, says: "Malaysia is emerging as a regional leader in clean energy, underpinned by ambitious national targets and surging demand from both utilities and corporates given the country’s growing role as a hub for data centres and semiconductor manufacturing. Brookfield is committed to deploying significant capital into Malaysia where these strong market fundamentals align with our capabilities to deliver power and decarbonisation solutions to large corporates, hyperscalers and other key customers globally.”
Solarvest’s executive director and group CEO Dato’ Davis Chong says: “We are delighted to embark on this partnership with Brookfield, which marks a pivotal milestone for Solarvest as we accelerate the transition toward a low-carbon future. By combining our proven expertise and innovation with our partner’s strong global network and financial strength, we are uniquely positioned to deliver impactful renewable energy solutions that will drive Malaysia’s decarbonisation agenda in line with the National Energy Transition Roadmap (NETR). Beyond Malaysia, this collaboration also enables us to expand our regional footprint, meeting the growing demand for sustainable power.”
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Solarvest closed at RM2.72 on Sept 19, up more than 60% this year.
