Shizen Energy Inc. announced on December 15, 2025, that the project company SM 01 Sdn. Bhd. has achieved Financial Close for a 29.99-megawatt solar power project under Malaysia's Corporate Green Power Programme (CGPP) and has signed a Power Purchase Agreement (PPA) with Google. This landmark agreement represents one of Google's first inaugural PPAs under the Malaysia CGPP and follows the successful collaboration between the two companies in Japan in May 2024.

For Shizen Energy Group, this marks a crucial milestone as its first utility-scale solar project in the Malaysian market. The project directly supports Google's goal of running its operations on carbon-free energy by supplying Google with energy attributes from the solar power plant, providing critical regional support for achieving real-time, hour-by-hour clean electricity consumption.

Project Details and Timeline

The 29.99 MWac project is located in Gurun, Kedah, Malaysia, and successfully achieved Financial Close on November 3, 2025. The solar power plant is scheduled to achieve its Commercial Operation Date (COD) in 2027. The project is being developed, constructed, and owned by SM01 Sdn. Bhd., a consortium comprising Shizen Malaysia (49%), Solarvest Asset Management Sdn. Bhd. (33%), and HSS Engineering Sdn. Bhd. (18%). Shizen Malaysia serves as the lead developer for the consortium.

UOB Malaysia is acting as the mandated lead arranger and sole lender for the project finance facility. The project is led by a team of local and regional experts at Shizen Malaysia Sdn. Bhd., Solarvest Asset Management Sdn. Bhd., and HSS Engineering Sdn. Bhd.

Strategic Expansion and Market Impact

This PPA elevates Shizen Energy's status as a key renewable energy partner for global corporations in Asia. The move from small-scale commercial and industrial projects to utility-scale PPAs under the CGPP represents a major strategic leap, cementing Shizen Energy's commitment to the region. The collaboration is instrumental in advancing Malaysia's decarbonization objectives outlined in its National Energy Transition Roadmap (NETR), which targets 70% renewable energy share by 2050.

Kenji Kawado, CEO of Shizen International Inc., stated that the successful expansion of their collaboration with Google from Japan to Malaysia underscores the trusted relationship they have built and validates Shizen Energy's capability to deliver large-scale, complex renewable energy solutions across borders. He described the 29.99 MWac facility as a flagship for their Southeast Asia growth strategy and noted that Malaysia is viewed as a key market where they aim to continue strengthening their leadership and expanding their presence.

Local Economic Development and Cross-Border Collaboration

The project is designed to generate local value, stimulate the creation of clean energy jobs, and support the broader Malaysian supply chain. This cross-border initiative translates bilateral commitments between Japan and Malaysia into real-world clean energy assets while advancing Malaysia's NETR objectives toward a more sustainable energy future. The transaction reinforces the recent diplomatic emphasis on decarbonization between Japan and Malaysia.

Reza Ikram, CEO of Shizen Malaysia Sdn. Bhd., emphasized that the milestone demonstrates the strength of their collaboration with Solarvest and HSS, supported by the facilitation of government and state agencies throughout the process. He noted that beyond advancing Malaysia's clean energy transition, the project contributes to local economic development and supports the goals outlined in the NETR.

Srinath Iyer, Head of Commercial Structuring for Energy at Google, expressed excitement about expanding their collaboration with Shizen Energy to Malaysia, stating that their work together demonstrates their long-term commitment to the market. He noted that by investing in this capacity ahead of their operational needs, they are supporting local economic growth and contributing to the resilience of the electricity system where they operate.

Company Background and Previous Projects

Shizen Energy Group operates under the purpose “We take action for the blue planet.” Since its establishment in 2011, the company has been involved in the development, procurement, construction, operation, and maintenance of more than 1 GW of renewable energy generation capacity primarily in Japan. The Group is expanding its business overseas, including in Southeast Asia, where it aims to accelerate the adoption of renewable energy by corporations and contribute to the realization of a sustainable society.

The Group's cumulative capacity in Malaysia is approximately 60 MWp. Prior to the utility-scale Google VPPA, Shizen Energy Group developed and delivered corporate commercial and industrial rooftop PPA projects, including multiple corporate PPAs with Top Glove Corporation involving the construction of rooftop solar power plants at the world's largest rubber glove manufacturer's factories, and a 20-year on-site PPA signed in March 2023 with Hokto Malaysia Sdn. Bhd., the Malaysian subsidiary of Hokto Corporation, a leading Japanese mushroom producer.

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