KUALA LUMPUR: Progressture Solar Sdn Bhd (PSSB) has set plans to invest RM200 million in the next 24 months in renewable energy assets, expand its commercial and industrial (C&I) projects regionally, and steadily expand energy management solutions to its existing and potential clients.
Co-founder and chief executive officer Cliff Siaw Sze Hau said Malaysia has a promising future for renewable energy adoption. The government's commitment to renewable energy and carbon-neutral targets has paved the way to foster clean energy adoption, which PSSB believes is a key growth driver.
"Like most new technologies, solar photovoltaics (PV) may still be uncommon in Malaysia. However, once climate mitigation policies are enforced, expect all buildings to have solar panel installations.
"Furthermore, public and private awareness of renewable energy is increasing regarding sustainability issues.
"We also observe an increasing number of Malaysian individuals and businesses transitioning toward solar energy due to its cost-saving benefits.
"With tax benefits such as the Green Investment Tax Allowance (GITA), businesses are now able to achieve their return on investment (ROI) in approximately three years instead of up to ten years previously," he told The New Straits Times.
He also pointed out that solar power is gaining traction in Malaysia, with the Malaysian solar energy market expected to register a compounded annual growth rate (CAGR) of more than nine per cent from 2022-2027.
According to the Sustainable Energy Development Authority (SEDA) 's Malaysia Renewable Energy Roadmap (MyRER), the share of RE in Malaysia remains below the global and regional average.
At the end of 2020, RE in Malaysia accounted for 23 per cent of the national power installed capacity.
"With the incoming implementation of carbon markets and carbon tax, our efforts to promote solar PV installation not only fulfil a shared vision of reaching carbon neutrality but also prepare businesses in the long run for opportunities found within the renewable energy transition," Saw said.
PSSB is a cleantech energy solutions provider that specialises in solar energy.
The company provides turnkey solutions for solar PV system ownership, from financing and consultation to engineering, procurement, construction, commissioning (EPCC), maintenance, and monitoring with the leading technology in the market.
PSSB has more than RM20 million in the order book and RM100 million in the tender book as of July 2022.
The company has 42 clients secured in Malaysia and aims to expand its client base across sectors, especially capital-intensive ones, with its renewable energy (RE) offerings and energy technology solutions.
"We already attained a 15 per cent market share in the solar industry as part of the first phase of our growth journey.
"With dedication and perseverance, we are confident that we can enhance and further drive business scalability and growth for solar and other clean energy solutions," Saw said further.
"While we currently hold no plans to tender projects from the government, we are not excluding it from the equation of potential opportunities that ultimately feed the common goal of accelerating nationwide RE adoption," he said.
When asked to elaborate on growth and demand, co-founder and chief operating officer Ng Yew Weng said PSSB is addressing the growing demand for renewable energy by expanding its energy solutions footprint under the Energyverse to help clients on the right path to net-zero.
"Through Energyverse, we focus on seven core energy solutions—energy generation, energy purchase agreements (PPA), energy leasing, energy efficiency, energy storage, renewable energy certificates (RECs), carbon credit trading, and energy vehicle (EV) charging.
"We are deepening our capabilities in the energy efficiency and management systems enabled by the artificial internet of things (AIoT) to help our C&I clients further reduce their energy consumption. This would be part of the energy automation solution," Ng said.
"We have recently scaled up our team across Malaysia's central, northern, and southern regions to help more businesses with renewable energy adoption. There are plans to expand our business footprint in East Malaysia as well," Ng said further.
He said PSSB understands that the pandemic has resulted in organisations adopting a tighter budget for their renewable energy transition.
"Therefore, we offer an energy leasing solution – a zero-capital-expenditure solar financing program. It is a long-term agreement between PSSB and the prospective customer to sell and purchase electricity generated from the solar PV system installed," said Ng.
He said there is a sturdy expansion plan to grow the company's renewable energy asset portfolio, including solar farms and hydropower plants, which will further fuel PSSB's growth.