VERDANT SOLAR SET TO DOUBLE PANEL INSTALLATIONS THIS YEAR -- CEO

By Siti Radziah Hamzah

KUALA LUMPUR, April 11 (Bernama) -- Solar energy company Verdant Solar Sdn Bhd aims to double its solar panel installations to 2,600 installations in 2024 from 1,300 last year, said its chief executive officer (CEO) Zeth Lim. 

Lim said several factors have been driving the surge in installations, including government incentives and higher electricity bills due to reduced subsidies. 

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"Leveraging available incentives, such as tax breaks and subsidies, helps optimise our operational efficiency and financial viability, further facilitating our installation goals," he told Bernama in an interview recently.

Verdant Solar specialises in designing, installing, and maintaining solar panels for residential, commercial, and industrial clients.

Lim noted that reductions in electricity tariff subsidies incentivise consumers to invest in energy-efficient solutions like Verdant Solar, leading to a surge in demand and subsequently higher installation numbers.

The company has also expanded its team to enhance its capacity to reach more clients and execute projects efficiently.

Looking to the future, Lim said the company has a strong focus on research and development, particularly in battery systems and electric vehicles. 

"As we expand our offerings, we remain dedicated to staying at the forefront of technological advancements and providing sustainable solutions to meet the evolving needs of our customers," he continued.

Presently, Verdant Solar's installation services cover Peninsular Malaysia and the majority of the company's solar panel installations, exceeding 60 per cent, are concentrated in Kuala Lumpur, with significant portions allocated for projects in Johor and Penang. 

"Nevertheless, our reach extends beyond these key regions, encompassing other states such as Melaka, Kedah, and Kuantan in Pahang, among others," said Lim. 

On the company's expansion beyond Malaysia, he explained that while the plan was on its agenda for this year, Verdant Solar is contemplating potential expansion into neighbouring countries in the near future.

Lim said among the nations under consideration were Thailand and Vietnam, which stood out for several compelling reasons, such as market maturity and industry expertise, solar resources as well as energy security and sustainability goals.

He pointed out that Thailand and Vietnam are striving to enhance their energy security and achieve sustainability goals, driving the demand for renewable energy solutions such as solar power.

"The solar energy markets in Thailand and Vietnam are relatively mature, with a growing ecosystem of industry players and expertise, offering opportunities for collaboration and growth," Lim said. 

On its listing plan for Bursa Malaysia, Lim said the exercise was part of the company’s strategic plan. 

He noted that over the past year, Verdant Solar has significantly expanded its workforce, increasing its headcount by about 60 per cent to over 80 employees, from 50. 

"This expansion is a deliberate move to bolster our profitability and enhance our market share, aligning with our goal of going public," he said. 

To ensure a smooth journey towards an initial public offering (IPO), he added that the company has engaged experienced professional consultants who are providing valuable guidance and support, including strategic advice on navigating the listing process and optimising its operations for public scrutiny. 

"While specific timelines are subject to various factors, including market conditions and regulatory requirements, we are diligently working towards executing our IPO plans in a manner that maximises value for our stakeholders," said Lim.

-- BERNAMA