MIDA Drives Green Investments Momentum with Strategic MOU Exchange and Announcement of Quality Green Projects at IGEM 2024
Pioneering Collaborations and Approved Green Projects Highlight MIDA’s Commitment to Boosting Green Investments in Malaysia
- Seven companies participated in the MoU exchange, including five involving Solarvest Group and its partners, with a total investment exceeding RM1.0 billion.
- MIDA announced four quality green projects from January to June 2024, totaling to an amount of RM1.8 billion, focused on Renewable Energy (RE) and Green Mobility.
- Chery Corporate Malaysia is investing RM1.4 billion to build a cutting-edge manufacturing plant and R&D centre for energy-efficient vehicles (EEVs).
- Asiabina Solar, NEDA Pekan, and Sand Town Solar are making significant investments in large-scale solar photovoltaic (LSSPV) plants in Perak and Pahang, supporting Malaysia’s renewable energy and carbon reduction goals.
Kuala Lumpur, 10 October 2024 – Malaysia’s drive towards a sustainable future took a significant step forward as the Malaysian Investment Development Authority (MIDA) successfully hosted a Memorandum of Understanding (MoU) exchange ceremony at the International Greentech & Eco Products Exhibition and Conference Malaysia (IGEM) 2024. This milestone event marked a major milestone in the country’s journey towards achieving its Green Investment Strategy (GIS) goals, which were launched by the government on 19 August this year.
A total of (7) seven companies participated in the MoU exchange, with (5) five exchange involving Solarvest Group and its partners. These MoU exchanges, with a cumulative investment value exceeding RM1.0 billion, are poised to make a significant impact on Malaysia’s green technology landscape.
The MoU exchange ceremony was witnessed by Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, Chief Executive Officer of MIDA, and Ir. Ts. Shamsul Bahar Mohd Nor, Group Chief Executive Officer of the Malaysian Green Technology and Climate Change Corporation (MGTC).
Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of MIDA, remarked, “Since MIDA’s first participation in IGEM in 2010, we have successfully generated substantial business leads, making this event pivotal to Malaysia’s green investment landscape. We continue to be a strategic partner, as we work towards attracting more green investments into the country. Now in our 15th year, MIDA aims to generate RM2.5 billion in investment leads over the three (3) days. Every handshake here, every discussion, every agreement brings us one step closer to realising Malaysia’s net-zero vision.”
Solarvest Group Partners include Vista Contracting & Investment Global Pte. Ltd., a subsidiary of Samsung Group, Greenrock Energy Co. Ltd, Alliance Bank Malaysia Berhad, UKM Pakarunding Sdn. Bhd., and Chailease Holding Co. The collaboration aims to advance sustainable energy solutions in Malaysia, focusing on the development of solar photovoltaic projects including the Corporate Renewable Energy Supply Scheme (CRESS), the deployment and operation of Battery Energy Storage Systems (BESS), enhancing academic and research cooperation in renewable energy, and providing green financing for renewable energy project development. These strategic partnerships are set to significantly boost the growth of Malaysia’s renewable energy sector.
Meanwhile, the remaining (2) two MoUs involve Green Quarter Sdn. Bhd. and its partners, Wezmart International Berhad and Crex Private Limited. These collaborations shall focus on enhancing sustainability initiatives and providing consultancy services related to ESG and carbon emissions reduction.
Ir. Ts. Shamsul Bahar Mohd Nor, Group CEO of MGTC, further reiterated, “Through collaboration, stakeholders can leverage their respective strengths and resources to push the boundaries of green technology adoption in Malaysia. This partnership will help our country achieve its sustainability targets and position it as a frontrunner in the global green economy. With its role in promoting investment and industrial development, MIDA can facilitate the integration of green technologies into various sectors of Malaysia’s economy.”
The event also featured the announcement of four quality green projects approved by MIDA for the period from January to June 2024, totaling to an amount of RM1.8 billion. These projects, approved under the Renewable Energy (RE) and Green Mobility levers as identified in the Green Investment Strategy (GIS), underscores MIDA’s commitment in promoting sustainable development in Malaysia, and driving the nation’s ambitious goal of attracting RM300 billion in green investments by 2030, as outlined in GIS.
The quality projects announced include:
- Chery Corporate Malaysia Sdn. Bhd.: Chery Malaysia is making a significant investment of RM1.4 billion to establish a cutting-edge manufacturing plant and R&D centre in Malaysia. This facility will focus on producing Energy Efficient Vehicles (EEVs), including a range of electric passenger vehicles, reinforcing the company’s commitment to sustainable mobility and innovation.
- Asiabina Solar Sdn. Bhd.: Asiabina Solar is investing RM200 million in the development of a Large Scale Solar Photovoltaic (LSSPV) plant located in Parit Buntar, Perak. The facility is expected to generate 50 MW of green energy. Additionally, the plant is expected to reduce carbon emissions by 100,000 tonnes annually, significantly supporting the nation’s environmental goals.
- NEDA Pekan Sdn. Bhd.: NEDA Pekan, a strategic joint venture between Gamuda Berhad and ERS Energy Sdn. Bhd., is investing RM121 million to develop and manage a Large Scale Solar Photovoltaic (LSSPV) plant in Pekan, Pahang. The plant is projected to reduce carbon emissions by 43,700 tonnes annually, further enhancing Malaysia’s environmental sustainability.
- Sand Town Solar Sdn. Bhd.: Sand Town Solar, a wholly-owned subsidiary of Gading Kencana Sdn. Bhd., is investing RM113 million in a Large Scale Solar Photovoltaic (LSSPV) plant located in Bidor, Perak. This state-of-the-art facility will generate 29.99 MW of green energy under the NEDA framework, underscoring the company’s commitment to a greener future. This plant is expected to reduce carbon emissions by 25,900 tonnes annually.
This year’s IGEM also featured MIDA moderating the 2nd Annual National Conference on Energy Efficiency, as well as presenting at the Innovation Stage, focusing on the incentives that are currently offered by MIDA. Additionally, networking and B2B consultation sessions were also held with Canadian companies, an initiative led by the High Commission of Canada in Malaysia.
Recognising the growing importance of green initiatives across all sectors, the Green Incentives have been extended until 2026, as outlined in Budget 2024. This extension includes enhancements based on a tiered and outcome-based approach. Under the enhanced incentives, the qualifying activities for the Green Incentives have been expanded to include emerging green technologies such as green hydrogen, EV charging stations, and wind energy. These initiatives demonstrate the government’s proactive approach in driving the adoption of cutting-edge green technologies, paving the way for a more sustainable and environmentally responsible future for Malaysia.
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About MIDA
MIDA is the government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram, Facebook, LinkedIn, TikTok and YouTube.
For media enquiries, please contact:
MIDA
Mr. Nelson Samuel
Director, Green Technology Division, MIDA
T: +603-2267 3635
E: [email protected]
