MIDA seals seven green deals to boost green investment in Malaysia
The Malaysian Investment Development Authority (MIDA) announced seven green investment deals worth over MYR 1 billion at the International Greentech & Eco Products Exhibition and Conference Malaysia (IGEM) 2024. These deals include collaborations focusing on solar projects, battery energy storage systems (BESS), green financing, and ESG consultancy.
Malaysian Investment Development Authority (MIDA) has announced seven green deals at the International Greentech & Eco Products Exhibition and Conference Malaysia (IGEM) 2024 last week to boost green investment in Malaysia.
MIDA said in a statement on last Thursday that this milestone event marked a major milestone in the country’s journey towards achieving its Green Investment Strategy (GIS) goals, which were launched by the Malaysian government in August this year.
A total of seven companies participated in the memorandum of understanding (MoU) exchange, with five exchange involving Solarvest Group and its partners.
These MoU exchanges, with a cumulative investment value exceeding MYR 1 billion ($230 million), are poised to make a significant impact on Malaysia’s green technology landscape, said MIDA.
It is noted that Solarvest Group Partners include Vista Contracting & Investment Global Pte. Ltd., a subsidiary of Samsung Group, Greenrock Energy Co. Ltd, Alliance Bank Malaysia Berhad, UKM Pakarunding Sdn. Bhd., and Chailease Holding Co.
The collaboration aims to advance sustainable energy solutions in Malaysia, focusing on the development of solar photovoltaic projects including the Corporate Renewable Energy Supply Scheme (CRESS), the deployment and operation of Battery Energy Storage Systems (BESS), enhancing academic and research cooperation in renewable energy, and providing green financing for renewable energy project development.
MIDA noted these strategic partnerships are set to significantly boost the growth of Malaysia’s renewable energy sector.
Meanwhile, the remaining two MoUs involve Green Quarter Sdn. Bhd. and its partners, Wezmart International Berhad and Crex Private Limited.
These collaborations shall focus on enhancing sustainability initiatives and providing consultancy services related to environmental, social, and governance (ESG) and carbon emissions reduction.
The event also featured the announcement of four quality green projects approved by MIDA for the period from January to June 2024, totaling to an amount of MYR 1.8 billion ($420 million).
These projects, approved under the Renewable Energy (RE) and Green Mobility levers as identified in the Green Investment Strategy (GIS), underscores MIDA’s commitment in promoting sustainable development in Malaysia, and driving the nation’s ambitious goal of attracting MYR 300 billion ($699 million) in green investments by 2030, as outlined in GIS.
The quality projects announced include gren deals with firms Chery Corporate Malaysia Sdn. Bhd, Asiabina Solar Sdn. Bhd, NEDA Pekan Sdn. Bhd, Sand Town Solar Sdn. Bhd.
Among them, Chery Malaysia is making a significant investment of MYR 1.4 billion ($330 million) to establish a cutting-edge manufacturing plant and research and development (R&D) center in Malaysia.
This facility will focus on producing energy efficient vehicles (EEVs), including a range of electric passenger vehicles, reinforcing the company’s commitment to sustainable mobility and innovation.
Meanwhile, Asiabina Solar is investing MYR 200 million ($46.59 million) in the development of a large scale solar photovoltaic (LSSPV) plant located in Parit Buntar, Perak.
The facility is expected to generate 50 MW of green energy.
Additionally, the plant is expected to reduce carbon emissions by 100,000 tons annually, significantly supporting the nation’s environmental goals.
NEDA Pekan, a strategic joint venture between Gamuda Berhad and ERS Energy Sdn. Bhd., is also investing MYR 121 million ($28.19 million) to develop and manage a large scale solar Photovoltaic (LSSPV) plant in Pekan, Pahang.
The plant is projected to reduce carbon emissions by 43,700 tons annually, further enhancing Malaysia’s environmental sustainability.
Sand Town Solar, a wholly-owned subsidiary of Gading Kencana Sdn. Bhd., is also investing MYR 113 million ($26.32 million) in a large scale solar photovoltaic (LSSPV) plant located in Bidor, Perak.
This state-of-the-art facility will generate 29.99 MW of green energy under the NEDA framework, underscoring the company’s commitment to a greener future.
This plant is expected to reduce carbon emissions by 25,900 tons annually.
Recognizing the growing importance of green initiatives across all sectors, the green incentives have been extended until 2026 in Malaysia, as outlined in Budget 2024.
This extension includes enhancements based on a tiered and outcome-based approach.
Under the enhanced incentives, the qualifying activities for the green incentives have been expanded to include emerging green technologies such as green hydrogen, electric vehicle (EV) charging stations, and wind energy.
These initiatives demonstrate the government’s proactive approach in driving the adoption of cutting-edge green technologies, paving the way for a more sustainable and environmentally responsible future for Malaysia, said the statement.
Source Link : https://technode.global/2024/10/14/mida-seals-seven-green-deals-to-boost-green-investment-in-malaysia/
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