Canadian investment firm Brookfield and Malaysian solar company Solarvest Holdings Bhd have entered into a joint investment framework agreement for 1.5 GW of solar and battery energy storage projects in Malaysia.
Under the terms of the agreement, the two parties will jointly develop, construct and operate the projects over the next three to five years.
A statement posted on Bursa, the Malaysian stock exchange, adds that the projects will be developed under the relevant renewable energy programmes available in Malaysia, including the Corporate Renewable Energy Supply Scheme and Large Scale Solar Program.
Projects will be developed by a special purpose vehicle, according to the investment framework, with Solarvest holding a 51% share and Brookfield the remaining 49%.
The partnership with Solarvest is Brookfield’s first investment in Malaysia and is made via the company’s Catalytic Transition Fund, which is backed by $1 billion of catalytic capital provided by Altérra, the world’s largest private climate investment fund.
Brookfield says it chose to invest in Malaysia due to the country’s strong renewable energy market that is buoyed by supportive policy frameworks.
“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 centers and semiconductor manufacturing,” added Brookfield’s Head of Renewable Power & Transition for Asia Pacific, Daniel Cheng.
Solarvest’s portfolio of completed and ongoing solar projects in Malaysia reaches 2.3 GW, while Brookfield’s portfolio of renewable power and transition assets globally totals 270 GW of operational and development capacity.
Last month, subsidiaries belonging to Malaysian companies Gentari and Gamuda revealed plans to develop 1.5 GW of solar tied to battery energy storage to supply hyperscale data centers located in Malaysia.
More recently, the government of Malaysia approved 13 solar projects with a cumulative capacity of almost 2 GW in the country’s fifth large-scale solar program.
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