Alliance Bank partners AQ Energy to develop SME solar and battery solutions

KUALA LUMPUR: Alliance Bank Malaysia Bhd and AQ Energy have are entering a partnership to expand solar and battery solutions to SMEs.

In a joint statement, the parties said they had inked a memorandum of understanding (MOU) with regards to the adoption of solar and battery energy storage system (BESS), which will allow businesses to store excess solar energy generated during the day.

The stored energy will be available for use at night, and also help to manage peak electricity demand during production hours.

Under the terms of the MOU, AQ will bring its technical expertise in delivering solar and battery solutions, while Alliance Bank supports the financing needs of businesses keen to embrace cleaner, more efficient energy systems.

The partnership targets the joint development, implementation, and financing of integrated solar and BESS projects with a cumulative capacity of up to 30MW and a total project value of up to RM100 million.

"This collaboration is part of our broader Sustainability Impact Programme (SIP), which supports clients in their transition journey through financing and beyond banking solutions. 

“By working with AQ Energy, we can offer clients not only the capital but also the technical expertise needed to implement impactful renewable energy projects," said Alliance Bank chief sustainability officer Roy Heong.

AQ Energy CEO Hatim Salleh said the collaboration will improve the accessibility of solar PV and battery solutions to its residential, commercial and industrial customers.