English

  • Growth Forecast: UOB Kay Hian projects Malaysia’s total solar PV capacity will exceed 6.5GW between 2026 and 2029.
  • Market Drivers: Expansion is fueled by the LSS 6 tender program and the rollout of Corporate Renewable Energy Supply Scheme (CRESS) projects.
  • Investment Potential: EPCC replenishment opportunities are estimated between MYR 13 billion and MYR 23 billion ($3.31B - $5.86B) over the next five years.
  • Financial Outlook: The renewable energy sector is projected to achieve a 28% compound annual growth rate (CAGR) from 2026 to 2028.
  • Cost Risks: Solar module prices are expected to rise to $0.13/W by June 2026, driven by Chinese export tax changes and surges in raw material costs (polysilicon, copper, and silver).
  • Mitigating Factors: A 12% year-on-year appreciation of the ringgit is helping to offset the rising cost of solar components.

中文

  • 增长预测： 大华继显（UOB Kay Hian）预计，2026年至2029年间，马来西亚的光伏装机总量将超过 6.5GW。
  • 市场驱动力： 增长主要得益于大型太阳能（LSS 6）招标计划以及企业可再生能源供应方案（CRESS）项目的推进。
  • 投资潜力： 未来五年内，EPC（设计、采购、施工）市场的补充机会预计在 130 亿至 230 亿令吉（约 33.1 亿至 58.6 亿美元）之间。
  • 财务前景： 预计可再生能源行业在 2026 年至 2028 年间的年均复合增长率（CAGR）将达到 28%。
  • 成本风险： 受中国出口退税政策调整及原材料（多晶硅、铜、银）价格上涨影响，预计到 2026 年 6 月，太阳能组件价格将升至 0.13 美元/瓦。
  • 缓解因素： 马来西亚令吉兑美元同比升值 12%，在一定程度上抵消了太阳能组件成本上升带来的压力。