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MOSTI provides over RM254 mil in loans for solar technology research, applications

JOHOR BAHRU (Sept 22): The Ministry of Science, Technology, and Innovation (MOSTI)  had provided over RM254 million in loans for research and technology applications in the country’s solar energy industry from 2011 to 2021.

Its minister Datuk Seri Dr Adham Baba said RM14.8 million from this amount was allocated for higher learning institutions, government agencies and stakeholders for research and development (R&D) on local solar energy.

He said MIMOS Bhd had developed four R&D projects through a sum of RM15.22 million from the ScienceFund and Strategic Research Fund, to increase the solar energy output by using the local axis tracker and high-efficiency solar panels.

“Besides that, (the ministry provided loans to) three energy expert companies for the photovoltaic solar system services, including the building of solar power plants of 10 megawatts by MOSTI’s agency, namely Malaysia Venture Capital Management Bhd (MAVCAP) through the Exploration Capital Fund, totalling RM16.85 million.”

Dr Adham said this in his speech when officiating at the Malaysian Photovoltaic Industry Association (MPIA)’s Solar Roadshow 2022 here on Thursday (Sept 22). Also present was MPIA Vice-President Datuk Muhammad Guntor Mansor Tobeng.

Dr Adham said RM207.75 ,million in loans were given out to 23 local companies involved in the solar energy technology industry, through Malaysia Debt Ventures (MDV) under the Liquidity Financing For Technology Start-Ups (MDV-LIFTS) programme.

Meanwhile, Muhammad Guntor said that MPIA, through a special memorandum to the Ministry of Finance (MOF) in conjunction with the tabling of Budget 2023, had suggested personal tax reduction of RM50,000 in five years for the installation of solar panels.

“The same for the sales and services tax (SST) and import duty on businesses related to solar panels and the battery storage power system.

“We hope the government will consider these proposals and we believe this could be a catalyst to using renewable energy, which is in line with the government’s mission and target,” he added.

Source: The Edge