Kuala Lumpur, 7 June 2022 - Malaysia’s first Securities Commission-regulated solar fund, Gagasan Solar, today inks a Memorandum of Understanding (MoU) with a leading local Engineering, Procurement, Construction and Commissioning (EPCC), Fabulous Sunview Sdn. Bhd. This partnership will allow Gagasan Solar to deploy RM 200 million into its targeted Commercial and Industrial solar asset segment.
The collaboration will see Gagasan Solar as Sunview’s investment partner for its commercial and industrial clients. This will not only strengthen the product offerings and market access of both firms but also increase the availability of solar energy for SMEs, a hitherto underserved segment, and all the financial and ESG benefits that solar energy promises.
"We're delighted to announce this strategic partnership with Sunview. The current solar industry is quite skewed towards larger companies and MNCs, often resulting in SMEs and smaller companies receiving the short end of the stick despite their interest to adopt solar-powered solutions. Gagasan Solar’s goal is to bridge this gap in Malaysia’s solar industry and we are confident that this partnership with Sunview will greatly accelerate this process," stated Joshep Lee, Founder and Managing Partner of Gagasan Solar.
Sunview is one of Malaysia’s leading solar Engineering, Procurement, Construction, and Commissioning (EPCC). Founded almost a decade ago, Sunview is primarily involved in the Large Scale Solar (LSS), and Commercial and Industrial (C&I) solar segments. The company has also declared an annual turnover of over RM 40 million and is currently in the process of being listed.
“Having witnessed the rise in solar energy investment and consumption in the past years, we expect this upward trajectory to rise in the coming years as more awareness increases. With the investment potential of the commercial and industrial segment standing at RM4.5 billion, we believe that the future of this segment, and the industry as a whole, is bright,” stated Ong Hang Ping, CEO of Sunview.
Not only is solar energy safe, sustainable, and affordable. It is also a viable alternative as more nations are shying away from traditional fossil fuels. The net installed capacity of renewable energy in local soil is expected to reach 18,000 MW, more than a tenfold increase compared to 2020. Furthermore, as of last year, Malaysia is planning to gradually retire 7 of the 13 Gigawatt of coal-fired generation by 2033, marking the end of coal power plants' 25-year power purchase agreement.
“This partnership could not have come at a better time,” stated Ong Hang Ping. “Considering the fact that coal - one of the nation’s main means of generating energy is going to be phased out in the near future, this move by the government will not only ensure affordable and reliable energy future for the nation, but will also hasten the transition to sustainable energy sources such as solar and hydro.”
Thinking ahead, Joshep has also entered into strategic partnerships with 5 other local Engineering, Procurement, Construction, and Commissioning (EPCC) companies, and is looking for more strategic partnerships and collaborations in the hopes of further propelling the industry forward.
