Arctech, the world's leading tracking, racking, and BIPV solutions provider, announced it has harvested the first LSS4 project in Malaysia as the company is selected to provide close to 75MW fixed structure.
The Asia Pacific, in recent years, has been the primary market for solar energy installations. With an additional installed capacity of around 78.01 GW in 2020, the region has a market share of about 58% of the global solar power installed capacity, as reported by IHS.
The Levelized Cost of Energy (LCOE) for solar PV in the last decade reduced by more than 88%, because of which developing countries in the region, such as Indonesia, Malaysia, and Vietnam, saw an increase in solar installation capacity in their total energy mix.
Having relatively high irradiation levels, Malaysia’s solar photovoltaics (PV) industry is on the rise due to strengthening government support, growing investor confidence and reducing costs. Malaysia’s government has set a goal of renewables accounting for national power generation capacity by 2030. Large-scale solar energy auctions continue to be conducted, In 2021, the government introduced a revised, 500-megawatt (MW) net energy metering (NEM) scheme aimed primarily at boosting solar and renewable power generation in the commercial and industrial (C&I) sector.
Speaking at an environmental event on the side-lines of the United Nations General Assembly (UNGA) in New York, Malaysian Prime Minister Dr. Mahathir Mohamad promised that current incentives and tax breaks such as the Green Technology Financing Scheme and the Green Investment Tax Allowance will be continued to spur further development in the renewable energy sector.
Arctech has been the very chart-topping player in the solar tracking industry of the APAC market as 2022 marks the company has maintained the highest shipment in the region five times in a row. The company has a stellar portfolio led by the 150MW SkySmart/SkySmart II project commissioned by Hevel in Kazakhstan, the 106MW Zhenfa SkyLine project in Pakistan, the 49MW SkySmart II Hybrid project in Thailand, the 116MWp Ibvogt Marang Solar Farm project in Malaysia and the 144 MW fix tilt San Marcelino solar farm project which is the largest Solar Farm of The Philippines.
As of the end of 2021, Arctech has supplied over 40GW of tracking and racking systems to nearly 1,300 PV plants in 40 countries. The company now has a global presence with entities and offices in China, Japan, the U.S., India, Brazil, Chile, KSA, Spain, Mexico, Vietnam, Australia, UAE, Argentina, and Colombia.