Canada-based global investment firm Brookfield has entered into a joint investment framework agreement with Malaysian clean energy expert Solarvest Holdings to jointly develop, construct and operate at least 1.5 gigawatts ( GW ) of utility-scale solar and battery energy storage projects in Malaysia.

Brookfield owns and operates one of the world’s largest, diversified portfolios of renewable power and transition assets with more than 270GW of operational and development capacity. The partnership with Solarvest is Brookfield’s first investment in Malaysia via its Catalytic Transition Fund, its primary vehicle to invest in and accelerate decarbonization in emerging markets globally.

Malaysia was selected due to its standing in Southeast Asia as a strong and attractive renewable energy market, underpinned by robust demand fundamentals and supportive policy frameworks.

Under the partnership, Solarvest will bring its deep local development expertise and proven execution track record, having developed more than 2.3GW of solar photovoltaic energy across completed and ongoing projects in Malaysia. Brookfield will bring its access to large-scale capital, strong global and regional corporate offtake relationships and proven operational capabilities.

“Malaysia is emerging as a regional leader in clean energy, underpinned by ambitious national targets and surging demand from both utilities and corporates given the country’s growing role as a hub for data centres and semiconductor manufacturing,” says Daniel Cheng, Brookfield’s head of renewable power and transition for Asia-Pacific. “[We are] committed to deploying significant capital into Malaysia where these strong market fundamentals align with our capabilities to deliver power and decarbonization solutions to large corporates, hyperscalers and other key customers globally..”

Davis Chong, Solarvest’s executive director and group CEO, adds: “By combining our proven expertise and innovation with our partner’s strong global network and financial strength, we are uniquely positioned to deliver impactful renewable energy solutions that will drive Malaysia’s decarbonization agenda in line with the National Energy Transition Roadmap. Beyond Malaysia, this collaboration also enables us to expand our regional footprint, meeting the growing demand for sustainable power.”