Renewable Energy to be Fastest Growing Market in Malaysia



Global Information (GII) presents "Global Solar Power Market" by Frost and Sullivan. The implementation of feed-in-tariff (FiT) policy will bring the required momentum to accelerate solar PV market growth in Malaysia. Malaysia aims to become the second largest producer in solar manufacturing by 2020 and is emerging as the favored country for new PV manufacturing units.
 
Investments in solar PV power projects for 2012 is estimated at US$72 million, a 194% growth over 2011 and close to 12 MW of solar PV power is to be added in 2012, a massive year-on-year increase of 242.9%.
 
According to Ravi Krishnaswamy, Vice President of Energy and Power Systems, Frost and Sullivan Asia Pacific, banks are actively considering large-scale solar power projects as the next wave of investment option as they are well-equipped to understand risks better now.
 
Government support through a subsidy rationalization program that gradually removes subsidies from items such as fuel, gas, electricity and tolls bring their rates close to market rate, making solar power look less expensive in the long term.

"Falling global prices for PV modules could also aid the growth of grid connected solar market in Malaysia," he said.