Solarvest unit appointed to install solar power systems at over 300 Petronas stations – The Edge Markets MY

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KUALA LUMPUR (March 5): Solarvest Energy Sdn Bhd, a subsidiary of clean energy expert Solarvest Holdings Bhd, has been appointed by Gentari Renewables Sdn Bhd to install solar power systems at over 300 Petronas stations across Malaysia.

In a statement on Tuesday, Solarvest said the project represents a major milestone in Malaysia’s energy transition journey, contributing to the nation’s clean energy goals.

The company said this demonstrates a growing environmental, social and governance (ESG) commitment in the oil and gas industry and solidifies Solarvest’s position as a key player in Malaysia’s energy transition.

Solarvest said the project aimed to commence in April 2024 will see the installation of more than 5.4 megawatt peak (MWp) of solar capacity across more than 300 Petronas stations.

It said these solar power systems are expected to be operational by 2027.

Once energised, it is estimated to offset around 5,035 tonnes of carbon dioxide emissions per year, it said.

Solarvest executive director and group chief executive officer Davis Chong Chun Shiong said oil and gas operations account for around 15% of total energy-related emissions globally, equivalent to 5.1 billion tonnes of greenhouse gas emissions.

“This project shows us the potential of solar energy to decarbonise retail fuel business operations.

“Solarvest is confident that our expertise will ensure the successful implementation of this project, paving the way for a cleaner Malaysia,” he said.

Chong said businesses in Southeast Asia are actively seeking solutions to navigate the energy transition.

“By embracing renewable energy solutions like solar PV systems, businesses are taking concrete steps to drive sustainability and reduce environmental impact.

“The surge in demand is fuelling our tender book and order book rapidly, reflecting in our significant revenue growth.

“Our ambition grows beyond Malaysia, we aim to drive the clean energy transition in the neighbouring countries by tapping on Gentari’s global network,” he said.

At the midday break, Solarvest dipped 2.58% or four sen to RM1.51 with 1.01 million shares traded.

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