95% of Malaysian solar investment from foreign sources

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Datuk Azman Mahmud, CEO of MIDA said as at 2015, 48 solar projects have been implemented in Malaysia, with a total investment of RM28.0 billion.

The investors were engaged in the production solarwafers, cells, modules and balance of system components.

“Of this, 95.3% was from foreign investments, while another 4.7% was from domestic sources. The projects have created more than 26,700 job opportunities,” said Azman.

He said the presence of high technology and established solar players is crucial to the completion of the whole ecosystem of the solar industry in Malaysia.
“Towards this, MIDA is proud to share that we have attracted an additional of 7 more solar projects with approved investments of RM1.77 billion last year.
“In the same year, MIDA also approved 83 renewable energy projects from solar PV with total investments of RM0.65 billion.”
The biggest investment was contributed by Longi, a major solar giant producing solar ingot, wafer cells and modules. Other investments approved include Jinko Solar and JA Solar which will be undertaking expansion and diversification activities.
He also said Malaysia has achieved significant progress in the solar PV industry over the last decade that had resulted in the growth of new businesses.
“In fact, the country is now the world’s 3rd largest manufacturer of PV cell and module. We also have the largest thin film manufacturing site and are one of the top exporters of solar panels to the US.
“According to a recent survey conducted by MIDA, the export and local sourcing activities undertaken by the top solar companies in the country in 2016 valued at RM11.1 billion and RM1.42 billion respectively.
“We are gradually firming up our position as one of the largest solar panel producing nations with the presence of five out of ten of the world’s largest solar companies operating in Malaysia today,” he said during the PV Cell Tech event in Penang.