Powervest – a customised solar financing solution by Solarharvest

Powervest – a customised solar financing solution by Solarharvest
Photo caption: Mr Davis Chong, Group CEO of Solarvest (left) and Mr Jack Tan (right), Business Development Director of Solarvest at the virtual press conference today.

Businesses can now seamlessly switch to solar energy via the most convenient, affordable, and accessible financing solutions available in Malaysia

Clean energy specialist, Solarvest Holdings Berhad (“Solarvest” or “the Group”) has today launched an all-new solar financing programme – “Powervest” - envisioned to promote the adoption of renewable energy in Malaysia. The programme encompasses two competitive financial models namely Powerflex and Powerlease, offering innovative tailor-made solutions targeted at commercial and industrial users with differing financing needs.

With “Powervest”, businesses are given an attractive opportunity to participate in Malaysia’s green revolution without the need for any initial capital outlays. This one-of-its-kind flexible and affordable green financing solutions allow prospective users to take advantage of all the benefits solar energy brings.

Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong said, “The launch of Powervest is in line with our efforts to make clean energy more convenient, affordable, and accessible. The financial hurdles have been one of the factors that hinder the acceleration of solar adoption. Especially during this tough time, businesses need to minimize its capital expenditure to conserve cash and also look for ways to reduce operating costs, such as electricity bill. While we recognise that there is not a one-size-fits-all solution when it comes to solar photovoltaic (“PV”) system investment, we are offering a financing solution that we believe is comprehensive enough to meet most, if not all the different financing needs of our potential customers.”

The Powerflex model offers a flexible financial package with zero upfront costs. Depending on respective preference, businesses could opt to fully own the solar PV system by obtaining 100% financing, or they could co-own the asset with Solarvest, in which case they would only need to apply for 50% financing. Repayment would be on a monthly instalment basis to the financial institution and Solarvest over a customizable period ranging between three (3) to ten (10) years. Other key benefits include savings on the utility bill of up to 50% and tax incentives as high as 48% on the investment.

The Powerlease model, which has been around since 2017, is a long-term lease agreement between Solarvest and its partners, and the prospective customer for the sale and purchase of electricity generated from the solar PV system to be installed. The customer will pay a tariff rate directly to Solarvest and its partners that is up to 30% lower than what is normally charged by the utility provider while enjoying free operation and maintenance costs throughout the lease period. And when the contract expires, the ownership of the asset will be automatically handed over to the customer.

“In the past 5 years or so, the Powerlease programme has gained traction and onboarded over 60 megawatts-peak (“MWp”) of projects from various industries including semiconductor, healthcare, building materials, food and beverages, shopping malls and many more. In 2018, Solarvest completed one of the first and largest projects under the leasing programme. The leasing market is poised to grow rapidly in tandem with the surge in clean energy adoption. Out of our 400MWp tenderbook, a fraction of it falls under the leasing category. Thus, we plan to tap on this trend to boost solar adoption.”

“The strong uptake has encouraged us to also expand and enhance our financing solutions. And resulting from that is one of the most comprehensive financial solutions available in the market today – Powervest. This again broadens the Group’s product and service ecosystem, further solidifying Solarvest as a one-stop solution provider in relation to solar PV systems. We are thrilled about this exciting venture that no doubt encourages a wider solar energy adoption in Malaysia. With that, we will also be a step closer to our vision of creating a world generated by renewable energy,” Mr Davis concluded.

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