Nefin Group, an energy firm providing green has set a target to secure 100 megawatts (MW) of solar power projects across Southeast Asia in 2024.
As per the firm, Malaysia is expected to contribute more than 30% of the total targets, driven by an increase in its market penetration and market share.
Regional Managing Director (MD) and Group Business Development Head Chong Bor Hung, said that the projects are estimated to translate to about RM46 million or US$10 million in revenue.
He noted that long-term contracts of around 20 years will provide a steady stream of revenue for the company over their duration. In 2023, the company secured projects in Southeast Asia totalling more than 70MW.
Recently, the firm is being selected by the Malaysian Energy Commission to develop a 45MWp solar farm project in Teluk Intan, Perak, as part of this initiative, with an estimated cost of RM130 million. It is selected as one of the solar power producers for the Corporate Green Power Programme (CGPP).
“That was a big step in our strategy for the next two years at least, until 2025. In Southeast Asia, with Malaysia being the bulk of it, the business is (expected) to scale at 100 megawatts per year.
“Originally, we were dominant in the rooftop solar business and with CGPP that we’ve secured, we are now on track to doing utility-scale projects and we expect to get more next year. We do expect to see continued growth and presence of our company in the commercial and industrial business, but the scaling of the business is going to largely come from utility scale business as well,” Chong said.
“It’s like any big infrastructure projects, the development time takes a couple of years. We expect to be growing our order book, portfolio at a scale of about 100 megawatts per year, just in Southeast Asia but the utility-scale projects that we’ll be deploying let’s say by 2025 is the one that was secured in 2023,” he said.
“Malaysia has been one of the more consistent markets in Southeast Asia. The growth is expected to be quite steady like the previous years. Next year, the government will potentially roll out some special projects or special mega projects in line with the National Energy Transition Plan. For the majority of the industry, I expect that the industry growth will be in line with what we’ve seen over the past few years,” he said.
Malaysia is projected to contribute to about one-third of the projects, followed by Taiwan, and the rest will likely come from mainland China, Hong Kong, Singapore, Thailand and Vietnam.
