PGB Inks MOU with Solarvest to Drive Johor Sustainable Development

Malaysian property developer Paragon Globe (PGB) has signed a Memorandum of Understanding (MoU) with Bursa Malaysia listed Solarvest Holdings (Solarvest) to collaborate on a major renewable energy-focused industrial development involving a new, solar-ready factory and green industrial township in Johor.

Solarvest’s deliverables for the project will be financed by the company’s Powervest solar financing programme, which will enable PGB to adopt the solutions with zero initial capital outlays.

These include a combination of commercial and industrial, end-use energy, and electric vehicle (EV) charging facilities. Upon completion, the project is anticipated to yield some 12.5MWp in total renewable energy capacity, making it one of Johor’s greenest and most energy efficient industrial townships.

PGB’s unique, approximately 141 acre green industrial development – one of the largest in the state – complements the vision of Sultan Ibrahim Ibni Almarhum Sultan Iskandar for Johor to be a major player in the solar and renewable energy space.

It is further aligned with the state’s sustainable development and renewable energy aspirations as espoused in the Johor Smart City Blueprint 2030, and additionally, will provide significant economic benefits to the state.

Executive Director and Group Chief Executive Officer of Solarvest, Davis Chong Chun Shiong said: “Johor is aiming to reach RM260 billion GDP by 2030, with renewable energy and electric vehicles being two of its key focus. The key initiatives like the Kuala Lumpur-Singapore high-speed rail and the Johor-Singapore special economic zone will draw investments for the region’s infrastructure development, thereby create a positive spillover to the renewable energy industry.”