Solarvest secure Brunei's largest national solar project

17 June 2025

BRUNEI: Solarvest Holdings Berhad (“Solarvest” or the “Group”), a Malaysia-based company, through its wholly owned subsidiary, Atlantic Blue Sdn Bhd, has secured Brunei’s largest national solar project via a joint venture company, Seri Suria Power (B) Sdn Bhd, in partnership with Serikandi Oilfield Services Sdn Bhd and Khazanah Satu Sdn Bhd.

Set to commence in the third quarter of 2025, the appointment authorises Seri Suria Power (B) Sdn Bhd to invest in, build, and operate a 30MW Solar Photovoltaic Power Plant (“SPVPP”) located on a 33.29-hectare remediated landfill in Kampong Belimbing, Mukim Kota Batu. Upon completion by the end of 2026, the project is expected to be the largest SPVPP in Brunei Darussalam, with an estimated annual output of 64,473,000 kWh. It has the potential to offset approximately 645,000 MMBtu of natural gas and 92 million tonnes of carbon dioxide.

The project was formalised on 14 June 2025, following the signing of three key agreements:

- A Joint Venture Agreement between Khazanah Satu Sdn Bhd, Serikandi Oilfield Services Sdn Bhd, and Atlantic Blue Sdn Bhd (a wholly owned subsidiary of Solarvest Holdings Berhad).

- A Land Lease Agreement between Seri Suria Power (B) Sdn Bhd and the Government of Brunei Darussalam, represented by the Department of Energy, Prime Minister’s Office.

- A 25-year Power Purchase Agreement between Seri Suria Power (B) Sdn Bhd and the Government of Brunei Darussalam, represented by the Department of Electrical Services, Prime Minister’s Office.

The signing ceremony was officiated by Yang Berhormat Pehin Datu Lailaraja Major General (Retired) Dato Paduka Seri Awang Haji Halbi Bin Haji Mohd Yussof, Minister at the Prime Minister’s Office and Minister of Defence II, alongside Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew Abdullah, Minister at the Prime Minister’s Office and Minister of Finance and Economy II. Deputy Ministers, Permanent Secretaries, and Deputy Permanent Secretaries from the Prime Minister’s Office and the Ministry of Finance and Economy also attended.

This initiative originated from a Request for Proposal (“RFP”) process launched in 2021, which attracted significant interest from both local and international solar developers. As part of the RFP requirements, participating developers were mandated to form joint ventures with Government-Linked Companies to ensure national participation and capacity building. This approach demonstrates Brunei’s confidence in achieving its goal of a 30% renewable energy mix.

The project aligns with Brunei’s commitment to reducing greenhouse gas (“GHG”) emissions by 20% from Business-As-Usual (“BAU”) levels by 2030. It supports the country’s broader objective of diversifying fuel sources in the power sector and decreasing reliance on fossil fuels. Besides environmental benefits, the SPVPP will create new opportunities for local businesses and contribute to economic development through related activities.

Shaikh Khalid bin Shaikh Haji Ahmad, Chairman and Managing Director of Serikandi Oilfield Services, stated, “We applaud the Brunei Government’s forward-thinking measures and supportive regulatory framework, which ensure the effective implementation of the national clean energy transition plan. Alongside various initiatives introduced over the years, this project reaffirms our commitment to a progressive path towards a dynamic and sustainable economy, aligned with global economic trends. With our extensive experience in engineering and construction services in the oil and gas industry, Serikandi is well-positioned to seize emerging opportunities in Brunei Darussalam’s growing renewable energy sector—creating jobs for Bruneian citizens.”

Leon Liew Chee Ing, Executive Director and Group Chief Strategy Officer of Solarvest, added, “In 2024, Brunei’s electricity consumption totalled 3,242 GWh, with 95% generated from fossil fuels—highlighting an urgent need for a clean energy transition. The Brunei Government’s commitment to renewable energy is highly commendable, especially considering the nation’s abundant fossil fuel resources. This milestone marks a proud moment for both Solarvest and Serikandi as we support Brunei’s journey towards a more sustainable energy future. Leveraging our technical expertise and regional experience, we are honoured to contribute to delivering the country’s largest solar initiative.”