BANK ISLAM, SOLAR VOLTECH INK RM105.2 MLN SOLAR FINANCING AGREEMENT

GEORGE TOWN, Jan 14 (Bernama) — Bank Islam Malaysia Bhd has signed a financing agreement worth RM105.2 million with Solar Voltech Sdn Bhd, a subsidiary of PDC Premier Holdings Sdn Bhd, for a solar generation project.

Bank Islam Malaysia group's chief executive officer Datuk Mohd Muazzam Mohamed said that the financing is in line with the National Energy Transition Roadmap (NETR), reflecting Bank Islam's collective effort to be a catalyst for Malaysia's goal of achieving net zero carbon emissions by 2050.

“The collaboration between Bank Islam and Solar Voltech to empower green technology began in 2024, involving a total financing of RM105.2 million.

“Bank Islam is committed to continuing efforts to drive green sustainability through innovative financing solutions,” he said during his speech at the signing ceremony, here today.

Bank Islam was represented by group chief business officer (institutional banking), Sharifah Sarah Syed Mohamed Tahir, while Solar Voltech was represented by chief operating officer Izwanaim Ismail.

Mohd Muazzam said that as a leader in shariah-compliant sustainable financing, Bank Islam is determined to accelerate Malaysia's green economy growth while creating lasting impacts on businesses, communities, and the environment.

"With the financing support of RM105.2 million, it contributes to the overall green and sustainable financing portfolio of Bank Islam, which has reached RM5 billion as of 2024.

"This brings the total approved financing for renewable energy sectors to 58.1 per cent of the overall green financing as of 2024," he said.

Mohd Muazzam added that in line with this success, Bank Islam has set a higher target to increase its sustainable financing portfolio to RM28 billion by the end of 2025.

Meanwhile, Izwanaim said that the investment in the solar project would generate clean energy for the needs of hundreds of homes, commercial buildings, and industries.

He also mentioned that the project would not only reduce reliance on fossil fuels but also significantly reduce carbon emissions.

"The long-term benefits include energy cost savings, improved air quality, and the creation of job opportunities in the green technology sector.

"More importantly, it helps Malaysia achieve its carbon-neutral target by 2050, in line with global climate change commitments,"  Izwanaim said.

Mohd Muazzam stated that the collaboration demonstrates the company's efforts to advance Malaysia's renewable energy agenda while addressing the urgent challenges of climate change.

He said that with this agreement, they are confident in realising their shared vision of building a greener and more sustainable future, in line with the country's aspirations to achieve carbon neutrality by 2050.

The solar project to be implemented by Solar Voltech will include various clean technologies, including solar photovoltaic (PV), building integrated pv, electric vehicle charging, and energy audits.

— BERNAMA