Solarvest to venture into Taiwan market

PETALING JAYA: Solarvest (Taiwan) Corporate Limited has entered into a share sale agreement with Hsinking Co Ltd to acquire 306,000 ordinary shares or 51% of Tailai Energy Co Ltd for NT$3.06 million (RM445,230).

Taiwan-based Tailai is principally a renewable energy service provider.

In a Bursa filing, Solarvest said the proposed acquisition serves as a platform for it to venture into the Taiwan market for the solar industry, which is in-line with its business strategy for expanding its operations in the overseas market.

“The Taiwanese government have, in year 2016, approved a plan to gradually achieve the target of producing 20% of Taiwan’s energy from renewable sources by year 2025, which includes achieving 20GW through solar energy generation. The proposed acquisition therefore serves as a launching platform for Solarvest to effectively explore the huge potential opportunities in Taiwan’s solar energy sector.”

The purchase consideration will be funded via internally generated funds.