Solarvest Holdings Berhad (“Solarvest”) and HSS Engineering Sdn Bhd (“HSS”), along with their Japanese partner, Shizen Malaysia Sdn Bhd (“Shizen”), are excited to announce that their large-scale solar project under SM01 Sdn Bhd (“SM01”) has received approval for the Green Investment Tax Allowance (GITA) from the Malaysian Investment Development Authority (MIDA). This achievement is an important step in Malaysia’s efforts to support sustainable investments and shows international teamwork in building clean energy infrastructure.
The official handover ceremony took place at the Malaysia Pavilion during Malaysia’s Investment, Trade and Industry (MITI) Week at Expo 2025 Osaka, Japan. The event was attended by YBhg. Datuk Bahria Mohd Tamil, Deputy Secretary General (Management & Investment) of MITI, and Mr. Sivasuriyamoorthy Sundara Raja, Deputy Chief Executive Officer of Investment Promotion and Facilitation of MIDA.
The Green Investment Tax Allowance (GITA) is a plan by the Malaysian government to encourage investments in green technology. With this approval, the 29.99MWac solar photovoltaic (PV) project in Kedah is expected to see better financial returns and improved project feasibility.
SM01 is a Corporate Green Power Programme (CGPP) project shared by Shizen Malaysia Sdn Bhd (49%), Solarvest Asset Management Sdn Bhd, a part of Solarvest Holdings Berhad (33%), and HSS Engineering Sdn Bhd (18%). Shizen Malaysia, a branch of Shizen Energy Inc., is a leading renewable energy company from Japan known for its work in solar and wind energy development throughout Asia. This collaboration with Shizen emphasizes Solarvest’s dedication to building partnerships that bring top-notch innovation and care for the environment to Malaysia.
Davis Chong Chun Shiong, Executive Director and Group Chief Executive Officer of Solarvest, said: “We are honoured to receive the GITA approval from MIDA, which underscores the government’s confidence in our capabilities and commitment to clean energy. This incentive boosts the financial sustainability of the SM01 project and demonstrates the value of international collaboration, particularly with our esteemed Japanese partner, Shizen. As we accelerate our involvement as a renewable energy infrastructure developer, we remain focused on delivering impactful, reliable, and commercially viable clean energy projects in Malaysia by leveraging international partnerships and innovation-driven solutions.”
Sivasuriyamoorthy Sundara Raja, Deputy Chief Executive Officer, Investment Promotion and Facilitation of MIDA said: “The approval of the GITA incentive for the SM01 project reflects MIDA’s commitment to supporting impactful green initiatives that contribute to Malaysia’s sustainable development goals. We encourage cross-border collaboration between Malaysian and Japanese entities. This collaboration not only strengthens Malaysia’s reputation as a regional clean energy hub but also positions the country as a premier destination for sustainable trade and investment. Through this initiative, we aim to assist more forward-looking industry players like Solarvest and Shizen in accelerating the nation’s transition towards a low-carbon economy.”
Reza Ikram, Chief Executive Officer of Shizen Malaysia Sdn. Bhd. said: “Malaysia’s stable economic environment and supportive government policies create a conducive landscape for renewable energy investments. The GITA incentive is an enabler that enhances investor confidence by improving return potential. Our collaboration with renowned Malaysian local partners such as Solarvest and HSS further reinforces our trust in Malaysia’s green investment ecosystem. As a Japanese renewable energy developer and investor, our focus is on delivering affordable and reliable clean energy to corporate offtakers by financing large-scale clean energy projects. We are proud to partner with Solarvest and HSS in advancing sustainable energy solutions that support the environmental ambitions of both Malaysia and Japan. This collaboration represents a meaningful step forward in strengthening Japan–Malaysia cooperation in renewable energy through strategic international partnerships.”
Tan Sri Ir. Kuna Sittampalam, Executive Vice Chairman cum Acting Group Chief Executive Officer of HSS Engineers Berhad, said: “We are proud to be part of the project driving Malaysia’s key clean energy initiative. We welcome the government’s support in the form of the GITA incentive, which enhances the financial viability of the SM01 project. As an engineering and project management partner, HSS is committed to advancing high-impact infrastructure that supports Malaysia’s sustainable development agenda. We look forward to continuing our collaboration with Solarvest and Shizen to deliver innovative and resilient renewable energy solutions for the future.”
Themed “Weaving a Future in Harmony,” the Malaysia Pavilion at Expo 2025 Osaka highlights the country’s commitment to inclusivity, innovation, and sustainability. It aims to promote Malaysia as a leading regional hub for trade and investment, especially in growing sectors like sustainable green technology, helping to establish the nation as a competitive investment destination worldwide.