Malakoff-Solarvest Joint Venture Commences Long-Term Energy Agreement in Perak
KUALA LUMPUR – On December 19, 2025, a significant development occurred in Malaysia’s renewable energy sector. A joint venture led by Malakoff Corporation Berhad and Solarvest Holdings Berhad formalised a power purchase agreement (PPA) spanning 21 years with Tenaga Nasional Berhad (TNB). The Malakoff Solar Project agreement covers electricity generated from a large-scale solar photovoltaic (PV) installation situated in the state of Perak. As a result, the collaboration represents a strategic initiative to expand renewable energy capacity within Malaysia’s national grid.
The Malakoff Solar Project agreement formalises the development and operation of a 470MWac solar facility in Larut and Matang, Perak
Tenaga Nasional and Malakoff Silver Solar Sdn Bhd (MSSSB) officially signed the PPA. MSSSB is the special purpose vehicle jointly owned by Malakoff and Solarvest under an 80:20 equity structure. The partnership will oversee the design, construction, ownership, operation, and maintenance of a 470MWac solar PV power generation facility located at Windsor Estate in the Larut and Matang district of Perak.
According to the stipulated timeline, the solar farm is projected to reach commercial operation in the first quarter of 2028. Under the agreement, the solar energy produced will be delivered and sold exclusively to Tenaga Nasional for nationwide distribution.
The official arrangements underscore Malaysia’s commitment to increasing renewable energy output
According to stock exchange filings from both Malakoff and Solarvest, MSSSB will act as the entity responsible for commissioning and managing the solar power plant over the agreement duration. Moreover, the partnership reflects Malaysia’s ongoing efforts to diversify its energy mix by integrating sustainable energy solutions. Tenaga Nasional, as the sole electricity utility provider in Peninsular Malaysia, continues to develop its renewable portfolio in alignment with national energy policies.
Market reactions and industry commentary reflect cautious optimism amid sector dynamics
Following the announcement, Malakoff’s shares closed at 80.5 sen. This represented a slight decrease of 0.5 sen or 0.62%, with a market capitalisation of approximately RM4 billion. The group’s share price has recorded a decline exceeding 5% year-to-date.
In contrast, Solarvest’s share value remained steady at RM3.20. This corresponds to a market valuation of around RM3.01 billion, with a notable year-to-date increase of approximately 88%. Analysts and stakeholders acknowledge the long-term potential of renewable infrastructure investments despite short-term market fluctuations.
Both short-term operational planning and long-term energy trends will shape Malakoff Solar Project impact
In the short term, the project necessitates comprehensive logistical coordination during the planning, construction, and commissioning phases. These activities may affect local traffic flow and engineering resource allocation within Perak.
In the longer term, the initiative aligns with Malaysia’s increasing adoption of solar energy technologies and the broader national agenda on sustainability and energy security. It is expected to contribute positively to renewable energy capacity and provide a stable power supply source. Overall, these outcomes remain consistent with evolving environmental regulations and safety standards in the energy sector.
Location: KUALA LUMPUR
Date: 2025-12-19