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The effects of Feed in Tariff on Foreign Direct Investment in Malaysia
B BAKHTYAR, A ZAHARIM, K SOPIAN, OMIDREZA SAADATIAN, N.A. LUDIN
Solar Energy Research Institute (SERI)
Level 3, Perpustakaan Tun Sri Lanang,
Universiti Kebangsaan Malaysia,
43600 Bangi, Selangor,
MALAYSIA
Corresponding authors: Bakhtyar11@gmail.com
Abstract: - Foreign Direct Investment in Malaysia has nearly reached to 10 billion dollars in 2011. As 2011
statistics shows, almost largest Foreign Direct Investment figures in Malaysia are dedicated to energy sector. Also,
Malaysia has launched a new Renewable Energy mechanism under the name Feed in Tariff. Feed in Tariff is a new
incentive for energy producers which can affect Malaysian Foreign Direct Investment largely. This paper utilises
an archival research on current Malaysian Foreign Direct Investment in contrast with solar part of Feed in Tariff
policy. The paper discusses the Malaysia’s Renewable Energy Feed in Tariff scheme in solar energy and its effects
on absorbing the Foreign Direct Investment of the country. Investors in Malaysia and policy makers in the other
countries especially in Association of South East Asian Nations (ASEAN) can use this experience and trace the
effects of Feed in Tariff on Foreign Direct Investment in Malaysia.
Key-Words: - Feed in Tariff; Renewable Energy; Foreign Direct Investment.
1 Introduction Traditionally Malaysia’s energy is base on gas
and oil [1]. The total capacity of electricity of
Malaysia is 13 GW which is including 84%
thermal and 16% hydroelectric [2]. Solid waste
is another energy resource in Malaysia which
it’s potential for 2011 was 20 MW. At the same
year Malaysia had 110 MW potential for
generating biomass and 20 MW for biogas [3].
Generating power with using wind is not that
serious and Malaysia has yet to have any wind
power plant connected to the grid [4]. Malaysia
is high potential in geothermal where is the
source of 79 manifestation areas. In 2009, it was
reported that in Sabah in East peninsular of
Malaysia (East peninsular of Malaysia is a big
island including Brunei, Sabah and Sarawak and
a part of East Indonesia) has an electricity
generation potential of up to 67MW [3]. There
are many mini-hydro projects under process in
Malaysia base on run of river system. At the
current situation, there are 51 units with total
capacity of 23.35 MW in Peninsular Malaysia,
Sabah and Sarawak.
The Average potential for solar radiation in
Malaysia is 4.5 (kWh/m2/day) and installed
solar capacity is 9 MW. This tropical country is
warm throughout the year and averagely has 12
hours of daily radiance heat most area of the
country [5]. In this way, about 1400 to 1900
kWh/m2 of energy is received annually [6].
Typically, certain local parameters must be
observed for the installation of solar systems in
this country so that the maximum possible
energy harvest is achieved [7]. In addition to the
direct use of solar energy, Malaysia has
remarkable capabilities in production of
electricity from solar energy [8]. At present, the
amount of electricity production is 1 MW in this
country and regarding the available capabilities
Advances in Environment, Biotechnology and Biomedicine
ISBN: 978-1-61804-122-7 144
it is estimated that this capacity is increased up
to 6500 MW [9]. The expansion
renewable energies was in the Eighth Malaysian
Plan during 2001 to 2005 for the first time
In this plan, five renewable energies including
solar, wind, hydro, biomass and biogas are
mentioned. In 8th Malaysian Plan, 5 percent of
the total energy production of Malaysia is
allocated for renewal energies [11]
During the development of the Ninth Malaysian
Plan, i.e. 2006 to 2010, the determined goals for
renewable energies were maintained (300 MW
Peninsular Malaysia; 50 MW –
the meantime, the share for the five ener
sources were delineated as %56 natural gas,
%36 coal, %6 hydro, %0.2 oil, and %1.8
renewable energies [13]. Moreover, decreasing
the amount of carbon [dioxide] by 40 percent in
2020 (compared with 2005) is considered in the
Ninth Malaysian Plan [14].
At present, the efficiency of solar energy
harvested from the sun has reached 40% in
Malaysia [15]. Nevertheless, its cost has
decreased significantly compared with the
[16]. It is predicted that, by 2050, the price of
energy generated from solar cells is less than the
energy generated from the fossil energy or
hydroelectric. It is also predicted that such
energy will have a cost less than $12 cents kW/h
(10- 12 cents) [17].
2 Malaysia’s Renewable Energy
Feed in Tariff Scheme Green energy, not only provides a good
environmental quality but also provides a
comfortable, healthy and hygiene climate
and Malaysian government was not incurious to
this important topic. In 10th Malaysia Plan, the
government of Malaysia introduced new,
renewable energy regulation which is including
FiT [19]. This new regulation encourages people
to generate energy in their houses by renewable
sources like solar panels [20]. The target of 10th
it is estimated that this capacity is increased up
. The expansion of using
renewable energies was in the Eighth Malaysian
Plan during 2001 to 2005 for the first time [10].
In this plan, five renewable energies including
solar, wind, hydro, biomass and biogas are
lan, 5 percent of
the total energy production of Malaysia is
[11].
During the development of the Ninth Malaysian
Plan, i.e. 2006 to 2010, the determined goals for
renewable energies were maintained (300 MW –
Sabah) [12]. In
the meantime, the share for the five energy
sources were delineated as %56 natural gas,
%36 coal, %6 hydro, %0.2 oil, and %1.8
. Moreover, decreasing
the amount of carbon [dioxide] by 40 percent in
2020 (compared with 2005) is considered in the
At present, the efficiency of solar energy
un has reached 40% in
. Nevertheless, its cost has
decreased significantly compared with the past
. It is predicted that, by 2050, the price of
energy generated from solar cells is less than the
energy generated from the fossil energy or
hydroelectric. It is also predicted that such
an $12 cents kW/h
Malaysia’s Renewable Energy
Green energy, not only provides a good
environmental quality but also provides a
comfortable, healthy and hygiene climate [18]
and Malaysian government was not incurious to
In 10th Malaysia Plan, the
government of Malaysia introduced new,
renewable energy regulation which is including
his new regulation encourages people
to generate energy in their houses by renewable
. The target of 10th
Malaysian Plan is generating 5.5% of total
energy by the end 2015
mechanism in Malaysia which is carried out
under the law for the renewable energies whose
purpose is to accelerate the production of
renewable energies
guarantees the production of l
energies for a given period
governmental strategy for accelerating the
investment in renewable energies in Malaysia
[23]. In Malaysia, FiT law has had a distinctive
look at the four main renewable energies, i.e.,
solar PV, biomass, biogas, and mini
Malaysia, Feed-in Tariff (FiT) law has been, in
fact, an incentive strategy to encourage the
participation of investors in this sector of the
country’s economy [11].
3 Energy trend and solar roleIn recent decades, energy consumption has
grown rapidly in Malaysia in such a way that, as
an example, electricity consumption, which was
Less than 5 GW in the 1970s in this country, has
hit 90 GW in 2006 (see Fig. 1). The curve for
electricity consumption also shows a totally
ascending trend during these years. Fig. 1 shows
an accelerated trend of electricity demand
especially after 1992. In this period the
electricity consumption is less than 3
kWh. However, from 2002 to 2010 this
parameter ranges between 70 billion
billion kWh.
020
4060
80
100120
ye
ar
19
68
Th
e e
lect
ric
po
we
r
con
sum
pti
on
in
Ma
lay
sia
(b
illi
on
kW
h)
Malaysian Plan is generating 5.5% of total
energy by the end 2015 [21]. REFiT is a new
mechanism in Malaysia which is carried out
under the law for the renewable energies whose
purpose is to accelerate the production of
renewable energies [22]. This scheme
guarantees the production of local renewable
energies for a given period [21]. FiT is a
governmental strategy for accelerating the
investment in renewable energies in Malaysia
. In Malaysia, FiT law has had a distinctive
k at the four main renewable energies, i.e.,
solar PV, biomass, biogas, and mini-hydro. In
in Tariff (FiT) law has been, in
fact, an incentive strategy to encourage the
participation of investors in this sector of the
.
3 Energy trend and solar role In recent decades, energy consumption has
grown rapidly in Malaysia in such a way that, as
an example, electricity consumption, which was
Less than 5 GW in the 1970s in this country, has
GW in 2006 (see Fig. 1). The curve for
electricity consumption also shows a totally
ascending trend during these years. Fig. 1 shows
an accelerated trend of electricity demand
especially after 1992. In this period the
electricity consumption is less than 30 billion
kWh. However, from 2002 to 2010 this
parameter ranges between 70 billion to 100
ye
ar
19
84
ye
ar
20
08
Advances in Environment, Biotechnology and Biomedicine
ISBN: 978-1-61804-122-7 145
Fig.1. The electric power consumption in
Malaysia from 1970- 2009
However, the trend of the increase in costs has
also been quite during these years in such a way
that they have reached to about 0.7 per US cent
per kilowatt hours from less than 0.3 per
kilowatt hours of the 1970s [25]
of the energy use per dollar because of
increasing in electricity consumption has risen
slowly in oscillating conditions. Furthermore, in
1980 energy use (kg of oil equivalent) per
dollar1;000 GDP (constant 2005 PPP) was 180
which rose to 210 in 1998 and descended to 191
by 2010 (see Fig 2).
Fig.2. Energy use (kg of oil equivalent) per
dollar1;000 GDP (constant 2005 PPP) in
Malaysia per USD [26]
Enjoying more than 4-unit level of radiation
(sunshine), Malaysia has the most important
basis of implementing the solar energy among
the renewable energies [22]. Meanwhile, due to
its tropical climate, this country more or less
receives the same amount of solar energy. In
other words, solar energy can be utilized all year
long in this country. As it confirms, FiT in
Malaysia as a base of enablers entered to RE
planning in 2011. Fig.3 illustrates the formation
and growth of the solar PV amongst the
renewable energies in Malaysia during 1999 to
0
50
100
150
200
250
ye
ar
19
80
ye
ar
19
86E
ne
rgy
use
pe
r D
oll
ar
The electric power consumption in
2009 [24]
However, the trend of the increase in costs has
also been quite during these years in such a way
that they have reached to about 0.7 per US cent
per kilowatt hours from less than 0.3 per
[25]. But the trend
of the energy use per dollar because of
increasing in electricity consumption has risen
slowly in oscillating conditions. Furthermore, in
1980 energy use (kg of oil equivalent) per
dollar1;000 GDP (constant 2005 PPP) was 180
1998 and descended to 191
Energy use (kg of oil equivalent) per
dollar1;000 GDP (constant 2005 PPP) in
[26]
unit level of radiation
as the most important
basis of implementing the solar energy among
. Meanwhile, due to
its tropical climate, this country more or less
receives the same amount of solar energy. In
energy can be utilized all year
As it confirms, FiT in
Malaysia as a base of enablers entered to RE
illustrates the formation
solar PV amongst the
renewable energies in Malaysia during 1999 to
2006 which shows the increasing trend of both
RE and PV in the same time.
Fig. 3. The growth of the
renewable energies during 1999 to 2006
Malaysia [
Fig. 4 nicely represents Malaysian government
plans of expanding the use of the solar energy
amongst the renewable energies through 2011 to
2050. This figure illustrates the effect of FiT
since implementing in 2011 and raise in PV
shares amongst other REs.
Fig.4. Malaysian trend in generating solar
energy amongst renewal energies 2011
[27]
As it is visible solar PV is most suitable and
most possible renewable energy in Malaysia. It
needs to make investors interest in any size of
investment. The range of solar PV can cover
whole lands belong to Malaysia. Surely FiT is a
ye
ar
20
10
42 6401000020000300004000050000600007000080000
ye
ar
19
99
ye
ar
20
00
Ele
ctri
sity
ge
ne
rate
d
(GW
h)
RE
PV
0
2000
4000
6000
8000
10000
20
11
20
15
20
25
MW
2006 which shows the increasing trend of both
RE and PV in the same time.
of the solar PV amongst the
renewable energies during 1999 to 2006 in
Malaysia [22]
nicely represents Malaysian government
plans of expanding the use of the solar energy
amongst the renewable energies through 2011 to
2050. This figure illustrates the effect of FiT
since implementing in 2011 and raise in PV
shares amongst other REs.
g.4. Malaysian trend in generating solar
energy amongst renewal energies 2011-2050
[27]
As it is visible solar PV is most suitable and
most possible renewable energy in Malaysia. It
needs to make investors interest in any size of
range of solar PV can cover
whole lands belong to Malaysia. Surely FiT is a
116188313 55712822220
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ar
20
01
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ar
20
02
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20
03
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20
04
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20
05
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20
06
20
35
20
45
Biomass
Biogas
Mini-hydro
SW
Solar PV
Advances in Environment, Biotechnology and Biomedicine
ISBN: 978-1-61804-122-7 146
good motivation for small and large inner
investments but this accelerated motion needs
extra capital which has to secure
trend. Foreign Direct Investment or FDI is one
of the accepted solutions which is also approved
by Malaysian government.
3 Malaysia Foreign D
Investment Malaysia Prime Minister in interview with
correspondents in May 2012 said that this
country is in search of quality FDI. He reiterated
that Malaysia is more selective in looking for in
high technology, green and alternative energy
technologies as well as knowledge
industries [28]. The definitions of green
technology has stated in Malaysia National
Green Technology Policy which says that “green
technology shall be a driver to accelerate the
national economy and promote sustainable
development”. According this policy Energy
sector must “seek to attain energy independence
& promote efficient utilisation”
Nevertheless, according to the Oxford Business
Group (OBG), Malaysia is significantly
improving its ranking in world FDI confidence
index from 21st in 2011 to 10th in 2012
Fig. 6: Foreign Direct Investment (FDI) inflows
in Malaysia (US billion) 1998
all and large inner
investments but this accelerated motion needs
extra capital which has to secure this growing
trend. Foreign Direct Investment or FDI is one
of the accepted solutions which is also approved
Foreign Direct
Malaysia Prime Minister in interview with
correspondents in May 2012 said that this
country is in search of quality FDI. He reiterated
that Malaysia is more selective in looking for in
high technology, green and alternative energy
ogies as well as knowledge-intensive
The definitions of green
technology has stated in Malaysia National
Green Technology Policy which says that “green
technology shall be a driver to accelerate the
economy and promote sustainable
development”. According this policy Energy
sector must “seek to attain energy independence
& promote efficient utilisation” [29].
ccording to the Oxford Business
sia is significantly
improving its ranking in world FDI confidence
in 2012 [30].
6: Foreign Direct Investment (FDI) inflows
(US billion) 1998- 2011 [31]
Also, Nations Conference on Trade and
Development (UNCTAD)’s reported that the
powerful cycle of Foreign Direct Investment
(FDI) in Malaysia was in harmony with the
restructuring of the global trade in 2010. This
figure has nearly reached 10 bi
2011 [32]. Most foreign investments in Malaysia
have been absorbed by the industrial sector and
factories which has been approximately 54.9
percent of total foreign investment in 2010. The
service sectors have absorbed 34.1 percent of
this amount [33]. Among industrial sector, new
growth areas that attracted highest levels of FDI
is belong to solar industry including silicon
photovoltaic wafers and solar glass
As a single project which has been succes
attracting most FDI in Malaysia, the Northern
Corridor Economic Region (NCER) registered
RM15.3 billion of approved manufacturing
licenses, followed by Sarawak Corridor of
Renewable Energy (SCRE) which was able to
absorbRM8.2 billion [35]
solar sector is one of the main investors’
concerns. For first time in 2008, Malaysian
government received RM12 billion in
photovoltaic (PV) industries alone, further
boosting the country’s green technology
promotion [36]. Four well known solar
companies, First Solar, Q
Tokuyama invested in Malaysia
presence of professional investors in Malaysia
helped Malaysian solar sectors’ ci
the world. Malaysia was the fourth country in
the world in production of the solar PV after
China, Germany and Japan in 2009
implementing such investments in this sector,
Malaysia has had the opportunity surpass Japan
in 2011 and to be the world’s third largest
producer of solar PV after China and Germany.
These new investments create 10,000 high level
jobs and have forecast 50,000 new jobs mostly
high technology and green in near future
Also, Nations Conference on Trade and
Development (UNCTAD)’s reported that the
powerful cycle of Foreign Direct Investment
(FDI) in Malaysia was in harmony with the
restructuring of the global trade in 2010. This
figure has nearly reached 10 billion dollars in
. Most foreign investments in Malaysia
have been absorbed by the industrial sector and
factories which has been approximately 54.9
percent of total foreign investment in 2010. The
service sectors have absorbed 34.1 percent of
. Among industrial sector, new
growth areas that attracted highest levels of FDI
is belong to solar industry including silicon
photovoltaic wafers and solar glass [34].
As a single project which has been successful in
attracting most FDI in Malaysia, the Northern
Corridor Economic Region (NCER) registered
RM15.3 billion of approved manufacturing
licenses, followed by Sarawak Corridor of
Renewable Energy (SCRE) which was able to
[35] which confirms that
solar sector is one of the main investors’
concerns. For first time in 2008, Malaysian
government received RM12 billion in
photovoltaic (PV) industries alone, further
boosting the country’s green technology
. Four well known solar
companies, First Solar, Q-Cells, Sun power and
Tokuyama invested in Malaysia [37]. The
presence of professional investors in Malaysia
helped Malaysian solar sectors’ circumstance in
the world. Malaysia was the fourth country in
the world in production of the solar PV after
China, Germany and Japan in 2009 [38]. With
implementing such investments in this sector,
opportunity surpass Japan
in 2011 and to be the world’s third largest
producer of solar PV after China and Germany.
These new investments create 10,000 high level
jobs and have forecast 50,000 new jobs mostly
high technology and green in near future [39].
Advances in Environment, Biotechnology and Biomedicine
ISBN: 978-1-61804-122-7 147
Table.1. FDI in Malaysia 1985- 2010 [40]
Manufacturing 1985 1993 1995 2000 2005 2006 2007 2008 2009 2010
Petrolium and gas (US$ million)
0 0 157 618 194 3118 4183 794 344 114
Petrolium and gas Composition (%)
0.1 0.0 4.3 7.0 2.4 24.9 23.1 4.4 3.6 2.1
As table.1 shows in 2007, the amount of foreign
investment in Malaysia in petroleum and gas
sector was in highest point and after that started
to come down. The rate of petroleum and gas
share amongst Malaysia manufacturing products
was on the top point in 2006 and in 2010 it has
reached to 2.1% of total FDI in manufacturing.
The fluctuated price of oil and high risk of
petroleum sector is one of the main reasons that
investors are looking for safer area for investing.
In contrast with petroleum and gas which are
affected from world policy, solar industry is in
lowest point of risk of investment. Another
restriction for foreign investors in oil and gas
sector owns by Malaysia government.
Traditionally in Malaysia oil and natural gas
reserves are managed by Petronas, a fortune 500
company wholly owned by the Malaysian
government [41] which is a strong barrier for
small investors while all investors in any size of
investment can enter in solar industry and
related fields.
4 Conclusions Malaysia as a developing country has a high
demand of electricity which is increasing
significantly. For protecting country from any
risk, high price of oil and preventing more
carbon emission the Malaysian government
plans to support investment in renewable
energies, especially solar PV. Hence the
Malaysian trend in generating solar energy
confirms high level position of solar PV in
Malaysia amongst the other renewable energies
in 2050. Malaysian government hope that FiT
works as a powerful incentive for both inner and
foreign investors. On the other side Malaysia is
one of the most successful country in absorbing
FDI in the East Asia. The implementation of
Green Technology Policy in Malaysia was
coincided with a well foreign attention to solar
sector in 2009. The same time, despite of
increasing total Malaysia FDI the rate of FDI in
petroleum and gas has decreased meaningfully
which is reason for shifting investment from
the other type of energy toward solar PV.
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