Malaysia ESG review – May-26 - Solar deployment outlook, GHG emmissions intensity

Research evidence excerpt

Malaysia ESG review – May-26 - Solar deployment outlook, GHG emmissions intensity

Global Markets Research

29 May 2026Malaysia ESG review – May-26

EQUITY: EQUITY STRATEGY

Solar deployment outlook, GHG emissions intensity Research Analysts

Malaysia Strategy

Thematic spotlight: initiate coverage of solar renewable; Tushar Mohata, CFA - NSM

tushar.mohata@nomura.comchart spotlight: trends in GHG emissions intensity

+60(3)20276895

Thematic spotlight – solar renewables anchor report: We published our Anchor

Malaysia Research TeamReportonsolarrenewables sector in Malaysia on 19 May 2026. In summary, we estimate

Ahmad Maghfur Usman - NSMthat in a blue sky scenario, Malaysia's cumulative PV solar installed capacity will reach

ahmad.maghfurusman@nomura.com

28.4GW by CY35F from an estimated 6.3GW currently, representing a strong CAGR of +603 2027 6892

16% over the next decade. With the National Energy Transition Roadmap (NETR)

Heng Siong Kong - NSMofficially mandating a massive capacity injection, there is a highly lucrative MYR50bn to

hengsiong.kong@nomura.com

MYR70bn capex pipeline to tap by 2035F alone. Simultaneously, this should heavily buoy +603 2027 6894

the demand for top-tier EPCC contractors and grid-scale asset developers. We initiated

Raghavendra Divekar, CFA - NSMcoverage on the Malaysian pure-play downstream leader, Solarvest, with a Buy rating,

raghavendra.divekar@nomura.com

given our estimated 35% market share, robust MYR2.7bn orderbook, and strategic +603 2027 6893

capability to capitalize on the nation's aggressive energy transition journey.

Research Associates

Chart of the month: trends in GHG emissions intensity: In this section, we analyze

Malaysia Strategygreenhouse gas (GHG) emissions intensity (emissions/revenue) for all the companies