Solarvest launches first M’sian RE fintech platform
Powervest has potential to increase clean energy adoption among firms, says chief executive
KUALA LUMPUR – Clean energy specialist Solarvest Holdings Bhd has unveiled Malaysia’s first renewable energy (RE) financial technology platform.
Group chief executive Davis Chong said the first-of-its-kind service is an extension of its solar financing solution Powervest, which was initially launched in September 2021 to promote RE adoption among commercial and industrial players via its zero initial cash outlay proposition.
He said the new fintech solution will improve Powervest’s service comprehensiveness, make switching to clean energy easier, and offer clients a completely digitised experience and a seamless onboarding process.
Some of the key features are credit health analysis and RE financing solutions, he said during a virtual press conference here today.
“We aim to enlarge the industry’s pie by leveraging this platform. We believe the RE industry can only improve if we continuously develop its supporting ecosystem.
“As a market leader, it is our responsibility to inspire advancement and push the sector’s innovation frontier.
“With an integrated platform capable of handling all processes from credit health checks to generating proposals, we are positive that the RE adoption rate will see bigger leaps moving forward,” he said.
Davis noted that the yearly solar energy installation for the commercial and industrial markets hovers around 200MW to 250MW.
He plans to channel 300MW to 350MW more into the RE industry through the fintech platform, which could shorten the whole process time from a year to less than three months.
On the RE industry outlook, he shared that the solar sector’s current macro environment is challenging due to escalating supply chain disruptions, logistic and energy crisis issues.
However, he recognises that government policies have been put in place to continue driving the momentum.
“Malaysia is one country that has a strong policy to drive the renewable energy market. In Asean, too, we see that there is great momentum for RE in the Philippines, Thailand, Indonesia and Vietnam.
“Asean is the next important RE market globally after China and India for international investors and local players to consider,” he said.
Solarvest’s business growth strategy is aligned to countries that have a strong RE policy such as Taiwan.
“We are expanding into five Asean countries and Taiwan,” he announced.
Solarvest is also looking to add different pillars or value chains such as the next technology integrations of battery storage systems, hydrogen fuel cells and more.
“We are integrating all these with our solar energy business to make it more conclusive for all our RE investors and customers,” he added.
source – Bernama