Installation Of Rooftop Solar PV Solutions
Installation Of Rooftop Solar PV Solutions
Business Model Description
Invest in B2B models offering PV installation solutions to commercial and industrial buildings. These businesses generate revenue from the sale of equipment, service fees, and/or by selling the electricity generated to the grid. Their focus is on providing efficient, cost-effective, and sustainable solutions that help industrial and commercial premises meet their energy needs while reducing their environmental footprint. Examples of companies active in this space are:
First Solar Malaysia has a 486.72 kWpdc PV system which is connected to a 33kV grid system that generates approximately 2,000kWh/day. Parent company First Solar raised USD 1.2 billion to date (including from US International Development Finance Corp and Mizuho Corporate Bank. First Solar's notable exits are SolarCity and Younicos) (42).
Solarvest Holdings Bhd secured a USD 37.94 million contract to build a solar PV energy generating facility in Chuping, Perlis. Solarvest's IPO for its Bursa Malaysia ACE Market listing involved a public issue of 98.83m new shares at USD0.076 each to raise USD 7.5 million for the company. (44, 47).
Plus Xnergy is a leading solar PV solutions provider in Malaysia. It has a total installed capacity of over 279 MWp across commercial, industrial and residential premises and solar farms. Notable installations include a combined 3,602 kWp installed capacity across IKEA Penang, Johor and Cheras. As of 2021, Plus Xnergy recorded a revenue growth of USD 108.40 million in 3 years (45).
Expected Impact
Increase renewable energy share through rooftop solar PV panel solutions for industrial and commercial premises, green employment with diverse services and reduce carbon intensity.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
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Country & Regions
- Malaysia: Perak
- Malaysia: Kedah
- Malaysia: Sarawak
- Malaysia: Sabah
- Malaysia: Penang
Sector Classification
Renewable Resources and Alternative Energy
Development need
To meet its Green House Gas (GHG) emission reduction targets Malaysia's energy-intensive economy needs to integrate resource efficiency, especially for water and energy, both on the supply and the demand sides (1, 2). Waste and recycling management is also crucial, especially waste-to-energy projects to reduce the waste volume by approximately 90 per cent (1, 11).
Policy priority
Malaysia aims to increase its renewable energy share to 40 per cent by 2035 and decrease its economy-wide carbon intensity by 45 per cent by 2030, including within the energy sector, pursuant to its NDC (3, 46). In that regard, the priority is to enhance energy efficiency for residential, commercial and industrial, as well as solar, bioenergy, hydropower, and new technologies as enablers (2, 3).
Gender inequalities and marginalization issues
Women are underrepresented in the energy sector, due to their lower enrolment in STEM and engineering studies than their male counterparts, and a more difficult work-life balance for women, due to their responsibility within the household (4). Additionally, air pollution has a negative effect on the urban population (12). Finally, climate change endangers the national food security and smallholders' revenues (18).
Investment opportunities introduction
Malaysia has a partially untapped potential for renewable energy constituted of 269 GW for solar, 13.6 GW for hydropower, 3.6 GW for bioenergy, including biomass, and 229 MW of geothermal, representing a cumulative investment over the period 2021-2025 of RM 19.93 billion (USD 4.36 billion) and creating 28,416 new jobs (3).
Key bottlenecks introduction
As of today, Malaysia's energy needs are mainly dependent on fossil fuels, reinforced by existing subsidies (1, 3). Additionally, the energy field cuts across many sectors. Poorly coordinated regulatory policies and frameworks prevent strong private sector engagement in green energy opportunities (1).
Alternative Energy
Development need
To reach 45 per cent reduction in GHG emissions, Malaysia needs to lower the energy sector's emissions (representing 80 per cent of GHG emissions) and address its fossil fuel dependency (13). In 2021, 56 per cent of the energy mix came from coal and 7.24 per cent from renewables (1, 3, 12, 20). The expected temperature rise will push Malaysia to build a climate-resilient energy sector (5).
Policy priority
Malaysia's goal is to become a low-carbon economy (13). The country targets 31 per cent of renewable resources by 2025 (40 per cent by 2035), 45 per cent reduction in the power sector's emissions by 2030 compared to 2005 levels, pursuant to its NDCs engagement, and 15 per cent decrease in national energy consumption by 2030 (3, 6, 46). Malaysia also prioritizes green transition of business and green growth (7).
Gender inequalities and marginalization issues
Women are disproportionately affected by climate change while bearing the responsibility of household work (8). Specific vulnerabilities induced by climate change such as flooding, erosion of coastline etc. can marginalize communities. East coast of Peninsular Malaysia is more vulnerable to floods and recently higher precipitation experienced on the West coast (5).
Investment opportunities introduction
Four programmes support the development of renewable energies: the Feed-in Tariff scheme, the Large-Scale Solar auction, the Net Energy Metering, and Self-consumption (3). A RM 10 million (USD 2.2 million) worth fund will be created to finance renewable energy sector (9), and the Green Technology Tax Incentives will be prolonged until 2023 (14).
Key bottlenecks introduction
The sector regulations are numerous and technical, with multiple regulatory authorities involved in the monitoring of the different activities (10). Other challenges are access to finance for solar PV rooftop projects and their high prices compared to non-renewable energy, access to grid issues for bioenergy projects, and difficult approval process for mini hydro (3).
Pipeline Opportunity
Installation Of Rooftop Solar PV Solutions
Invest in B2B models offering PV installation solutions to commercial and industrial buildings. These businesses generate revenue from the sale of equipment, service fees, and/or by selling the electricity generated to the grid. Their focus is on providing efficient, cost-effective, and sustainable solutions that help industrial and commercial premises meet their energy needs while reducing their environmental footprint. Examples of companies active in this space are:
First Solar Malaysia has a 486.72 kWpdc PV system which is connected to a 33kV grid system that generates approximately 2,000kWh/day. Parent company First Solar raised USD 1.2 billion to date (including from US International Development Finance Corp and Mizuho Corporate Bank. First Solar's notable exits are SolarCity and Younicos) (42).
Solarvest Holdings Bhd secured a USD 37.94 million contract to build a solar PV energy generating facility in Chuping, Perlis. Solarvest's IPO for its Bursa Malaysia ACE Market listing involved a public issue of 98.83m new shares at USD0.076 each to raise USD 7.5 million for the company. (44, 47).
Plus Xnergy is a leading solar PV solutions provider in Malaysia. It has a total installed capacity of over 279 MWp across commercial, industrial and residential premises and solar farms. Notable installations include a combined 3,602 kWp installed capacity across IKEA Penang, Johor and Cheras. As of 2021, Plus Xnergy recorded a revenue growth of USD 108.40 million in 3 years (45).
Business Case
Market Size and Environment
> USD 1 billion
5% - 10%
The Malaysian solar power industry is expected to yield a CAGR of 9 per cent between 2022 and 2027. It has 1.8 thousand megawatts in solar capacity as of 2021 (27). Malaysia plans to increase its renewable energy installed capacity to 31 per cent of the energy mix by 35 per cent. It is currently at 25 per cent (15).
As of May 2023, the government announced that it had repealed the ban on exporting Malaysia generated renewable energy. More details will come in due course (15).
The International Renewable Energy Agency (IRENA) has also highlighted that solar PV will be a critical success factor in its energy transition overall decarbonization process (16).
Indicative Return
> 25%
20% - 25%
Solarvest Holdings Bhd was chosen as the basis for analysis. This is as it is one of the most notable listed solar power players in Malaysia. As of April 8, it commanded a market capitalization of USD 131.7 million.
The gross profit margins for Solarvest Holdings BHD between FY 2016 to FY 2022 were as follows: 29.9 per cent, 33.9 per cent, 37 per cent,20 per cent,15.5 per cent, 18.3 per cent, and 19.9 per cent (28, 29).
Jaks Resources Bhd saw a mean gross profit margin of 14.34 per cent during 2012-2022 (51).
IRR for large scale solar projects in three states: Kedah, Selangor and Pahang stood at 27.7 per cent to 38.7 per cent, with pay bank periods ranging from 2.6 years to 4 years (37)
Investment Timeframe
Short Term (0–5 years)
Expert consultations have indicated that it would take 2 to 3 years to start generating any returns due to the prevalence of solar power capacity and capabilities in the country. (23)
Malaysia has already engaged in large scale solar (LSS) projects which are subject to tendering processes. Additionally, it is a hub for solar power component manufacturing with such products readily available in the market.
It is worth noting that the take-up is higher among commercial businesses that have the space to install solar PV.
Ticket Size
< USD 500,000
Market Risks & Scale Obstacles
Business - Supply Chain Constraints
Business - Supply Chain Constraints
Capital - Requires Subsidy
Market - Highly Regulated
Impact Case
Sustainable Development Need
Malaysia relies heavily on fossil fuel as its main source of energy, with around 92 per cent of its energy supply coming from non-renewable sources. In 2022, 41 per cent of Malaysia's total primary energy supply (TPES) was reported coming from natural gas, 29 per cent from crude oil and petroleum, 22 per cent from coal (13).
Malaysia is an energy-intensive economy, with its energy sector representing around 80 per cent of its GHG emissions (13). Additionally, the share of electricity in the final energy consumption is expected to grow from 24 per cent in 2018 to 31 per cent in 2040 (3).
Malaysia also has a high dependency on imports of fossil fuels for its energy supply (3). Additionally, in 2020, Malaysia imported 146 terajoules of electricity (41).
Gender & Marginalisation
The number of women employed in the field of electricity, gas, steam and air conditioning supply is 13 times lower than that of men with 5,300 female employees and 72,300 male employees in 2021, representing 0.1 per cent and 0.8 per cent of total female and male employment respectively (31).
Rural electrification remains an issue in Malaysia, with the Government having the objective to reach 99 per cent of rural electrification by 2025 (7).
Expected Development Outcome
Increased production of solar energy will increase the share of RE in the national energy mix, contributing to the government's target of 31 per cent RE as part of the total energy mix by 2025 and 40 per cent by 2035, with a total installed capacity by 2040 of 18,431 MW (3, 13).
The potential that industry and commercial buildings represents for solar PV is of 9.9 GW with115,000 industrial buildings, and 5.2 GW with 520,000 commercial buildings (3). In 2019, commercial contributed to 5.60 MW and industrial to 355.76 MW (43).
Enhanced solar energy production will contribute to national energy self-sufficiency through improved reliance on indigenous sources with an aspiration to reach 48 per cent to 72 per cent of self-reliance by 2040 (13).
Gender & Marginalisation
Increased renewable energy installation can create more employment opportunities for women in the field of energy, if supportive conditions are put in place such as concerted efforts to improve participation of women in relevant TVET training, therefore contributing to reach the Government's objective of 30 per cent women employed in all sectors (40).
With the creation of 46,636 new jobs in the renewable energy sector over the period 2026-2035, development of solar PV solutions for industrial and commercial premises can support increased employment, including in rural areas (3).
Solar PV solutions will increase access to clean energy in remote rural areas, especially for businesses, and support further the rural development (7).
Primary SDGs addressed
7.2.1 Renewable energy share in the total final energy consumption
7.3.1 Energy intensity measured in terms of primary energy and GDP
5.11 per cent of renewable energies in 2019 (32).
In 2019, 4.25 megajoules per constant 2017 purchasing power parity GDP (32).
Target of 31 per cent of renewable energy in the energy mix, representing a capacity of 12.9 GW, by 2025 and 40 per cent, representing a capacity of 18 GW, by 2035 (3).
By 2030, target of 45 per cent reduction in Malaysia's economy-wide carbon intensity (against GDP) compared to 2005 levels (3).
12.2.1 Material footprint, material footprint per capita, and material footprint per GDP
In 2017, 22.6 tonnes per capita (33).
9.4.1 CO2 emission per unit of value added
In 2020, 0.416 kg of CO2 per unit of manufacturing value added (in constant 2015 USD), and 0.267 kg CO2 emissions per unit of GDP purchasing power parity (in constant 2017 USD) (32).
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
People
Gender inequality and/or marginalization
Corporates
Outcome Risks
If not carefully considered, the manufacturing of solar PV might result in environmental harm in the country where components of solar PV panels are extracted from natural resources.
If not planned in advance through supportive infrastructure, recycling of solar PV panels might cause environmental pollution and public health issues.
Without adapted capacity building measures for the local workforce, post-sale services for solar PV installations might rely on imported foreign skilled workforce.
Gender inequality and/or marginalization risk: Without inclusive measures for women's access to STEM education and TVET programs, they will remain excluded form the renewable energy sector workforce.
Impact Risks
Due to high upfront cost of rooftop solar PV installation (estimated at USD 250,000), stakeholder participation risk might arise for smaller businesses and factories, who are not able to afford it.
Energy production's dependency on sunshine and the vulnerability of solar PV panels to natural weather conditions constitute external risks.
Impact Classification
What
Rooftop solar PV solutions increase the share of renewable energy, increase Malaysia's self-sufficiency in electricity, create green employment with diverse services and reduce carbon intensity.
Risk
Stakeholder participation risk due to high costs, external risks as the dependency on and vulnerability to weather conditions.
Contribution
Reduction in petroleum-sourced energy which is currently at 48 per cent of total energy, primarily used by transport and industries, representing 29 per cent of the final energy consumption (3).
Impact Thesis
Increase renewable energy share through rooftop solar PV panel solutions for industrial and commercial premises, green employment with diverse services and reduce carbon intensity.
Enabling Environment
Policy Environment
Malaysia Renewable Energy Roadmap (MYRER): the roadmap promotes reduction in GHG emissions and sets a target of 31 per cent Renewable Energy by 2025, escalating to 40 per cent by 2035, and a 45 per cent reduction in greenhouse gas emissions by 2030. It also encourages private investments in the sector (3).
Nationally Determined Contribution (2021): energy is part of Malaysia's climate change action. The sector is mentioned by the report as one of the areas where Malaysia is taking key mitigation and adaptation actions to reduce GHG emissions and achieve the 45 per cent reduction target (46).
Industry4WRD Policy on Industry 4.0: The policy intends to support companies' digital transformation in manufacturing sector through incentives and support for infrastructure, human capital and technology development (48).
Malaysia Madani: The Malaysia Madani plan has six main principles including Sustainability, which includes mitigating and minimizing GHG emissions (50)
Financial Environment
Financial incentives: Supporting RE producers through Feed-in-Tariff, for biogas, biomass and small hydropower ranging from 1MW to 30MW and solar photovoltaic ranging from 1kW to 30MW, and NEM (Net Energy Metering) 3.0 (3).
Fiscal incentives: Green Investment Tax Allowance for 100 per cent of qualifying capital expenditure incurred on green technology assets for the first 3 years. It can be offset against 70 percent of statutory income and unutilized allowances can be carried forward until absorbed (MyHIJAU) (49)
Fiscal incentives: Budget 2023 enhanced tax incentives to support BioNexus Status Companies, such as increased statutory income from 70 per cent-100 per cent (39).
Fiscal incentives: Net Energy Metering (NEM) Scheme by SEDA, allows consumers to install solar photovoltaic (PV) systems to generate electricity for their own consumption and sell the surplus back to the utility grid. Typical solar PV project costs USD 669,643 to US 892,858 per mw of capacity (36).
Regulatory Environment
Renewable Energy (RE) Act 2011: provides for the establishment and implementation of a special tariff system to catalyze the production of renewable energy (38).
Renewable Energy (Feed-in Approval and Feed-in Tariff Rate) Rules 2011 and 2020 amendments: regulate the Feed-in-Tariff scheme (39).
Renewable Energy (Technical and Operational Requirements) Rules 2011 and 2014 amendments: regulate the connection of PV installation ranging between 72 and 180 kWp, and non-solar installation with a net export capacity between 72 and 180 kWp to an electricity distribution network (39).
Renewable Energy (Criteria for Renewable Resources) Regulations 2011 and 2013 amendments: regulate biogas, biomass, small hydropower and solar photovoltaic (39).
Marketplace Participants
Private Sector
First Solar Malaysia; Solarvest Holdings; Plus Xnergy; JAKS Resources; Plus Solar Systems; Jinko Solar; SOLS Energy; Progressture Solar; Verdant Solar; Next Energy.
Government
Ministry of Natural Resources, Environment and Climate Change (KeTSA); Sustainable Energy Development Authority (SEDA); Malaysian Investment Development Authority (MIDA); Malaysian Green Technology and Climate Change Centre (MGTC).
Multilaterals
United Nations Development Programme (UNDP); World Bank; International Finance Corporation (IFC); Asian Development Bank (ADB); Global Environment Facility (GEF).
Multilaterals
Malaysian Photovoltaic Industry Association (MPIA); Malaysian Green Building Council (MGBC); Malaysian Association of Energy Service Companies (MAESCO).
Public-Private Partnership
Malaysia Green Technology and Climate Change Corporation (MGTC); Malaysian Industry-Government Group for High Technology (MIGHT).
Target Locations
Malaysia: Perak
Malaysia: Kedah
Malaysia: Sarawak
Malaysia: Sabah
Malaysia: Penang
References
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