Canadian investor Brookfield and Malaysian developer Solarvest intend to build and operate at least 1.5GW of utility-scale solar and battery storage projects in Malaysia, the firms said on 22 September.
The projects will be delivered over the next 3-5 years under the firms' agreement. Early work on the energy projects has already started, according to Solarvest.
Solarvest will have 51pc equity in the initiative, with Brookfield holding the other 49pc, according to a Bursa Malaysia stock exchange filing. Solarvest will develop the power projects, while Brookfield will help with funding and finding potential customers.
This is the first Malaysian investment under Brookfield's $2.4 billion Catalytic Transition Fund, which finances decarbonisation efforts in emerging markets.
Brookfield has nearly 46GW of hydro, solar, wind and energy storage in its global portfolio, along with 227GW in the pipeline. Solarvest currently has over 2.3GW of completed and ongoing solar energy projects in Malaysia.
Solar power capacity in Malaysia reached over 4.3GW in 2024, according to the International Energy Agency. The country is targeting around 18GW of renewable energy capacity by 2035.
Argus assessed Malaysia current-year solar I-RECs at $4/MWh, a slight dip from $4.20/MWh in past weeks.
