Solarvest enters Philippines with 2 new solar projects
KUALA LUMPUR, April 14 — Solar photovoltaic (PV) system specialist Solarvest Holdings Bhd has secured two new contracts in the Philippines from Vivant Energy Corporation.
In a statement today, Solarvest said Vivant Energy Corporation’s principal business activities include energy distribution and generation, retail electricity supply as well as energy-related engineering solutions across Luzon, Visayas and Mindanao, and is part of Vivant Corporation.
It said the energy company is listed on the Philippine Stock Exchange and has a history that spans over a century and its first foray into energy was through the Visayan Electric Company (VECO), the Philippines’ second largest power distribution utility company.
The first project is for the development of solar PV systems at 10 designated buildings, with a cumulative capacity of 816.2-kilowatt peak (kWp) and located at the University of San Agustin in Iloilo City.
In the second solar project, Solarvest will undertake the development of the 377.52 kWp solar PV systems for Bulihan Industrial Park located in Bulacan.
“The new solar rooftop projects will be completed within the year and are expected to contribute positively to Solarvest’s financial performance for the financial year 2021 ending March 31, 2021,” it said.
Group chief executive officer Davis Chong Chun Shiong said Solarvest aims to make further inroads into the Philippines and are actively in talks with local partners to bid for more projects there.
“The Philippines is a key focus market for us as we aim to capitalise on the expanding renewable energy investments in the country.
“Over the medium term, we hope to grow our operations in overseas markets, including the Philippines, Taiwan and Vietnam,” he said.