The Ministry of Investment, Trade and Industry (MITI) aims to help Malaysian solar manufacturers and related companies affected by the US tariff hike on solar exports to get more information on the move by Washington in October.
MITI minister Tengku Datuk Seri Zafrul Aziz said the higher tariff has affected many production lines of these solar companies not only in Malaysia but also manufacturers in Thailand, Cambodia and Vietnam.
“So we are now helping the companies by getting more information and then engaging the United States (US) Department of Commerce to see how we can support these companies,” he said.
Previously, it was reported that the US Department of Commerce increased duties on solar equipment exported by Cambodia, Malaysia, Thailand and Vietnam, following its initial findings of unfair government subsidies used to produce solar equipment sold by companies in these four countries.
Washington plans to increase US import tariffs on Chinese solar cells and panels from 25% to 50% among a host of other products, over claims alleging unfair Chinese business practices.
Meanwhile, the solar industry in Malaysia continues to grow as Nestcon Bhd’s wholly-owned subsidiary, Nestcon Infra Sdn Bhd is set to develop a large-scale solar photovoltaic (LSSPV) plant with 14.99 megawatts of alternating current (MWac) in Bongawan, Kimanis, Sabah.
According to Nestcon, its unit received a notification letter from the Energy Commission of Sabah (ECOS) on 19 December 2024.
It said LSSPV will operate under a 25-year power purchase agreement (PPA) and the commercial operation date shall not be later than 30 November 2026.
“Additionally, the project is to meet certain timeline requirements, including the timing of executing the PPA, the timing of achieving the financial close and the submission of a commitment bond of ECOS to the project,” Nestcon said.
The company also noted that the project will be financed through internally generated funds and bank borrowings, adding that it is expected to contribute positively to the net assets per share, earnings per share and gearing of the company throughout the duration of the project.
