UEM Group has entered memorandums of understanding (MoUs) with local and foreign investors for the development of a 1GW hybrid solar project integrated with an industrial park in Malaysia.
The company is a subsidiary of Khazanah Nasional Berhad, Malaysia’s state-owned wealth fund.
It has signed MoUs with investors including Blueleaf Energy, ITRAMAS and its partners China Machinery Engineering Wuxi (CMECWUXI), and I Squared Capital’s Hexa Renewables.
The 1GW solar project is part of the country’s national flagship energy transition under the National Energy Transition Roadmap.
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By GlobalDataUEM aims to develop the project by partnering with local investor ITRAMAS. The companies will leverage each other’s expertise, resources and networks to achieve synergies for the project’s success.
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UEM is also in talks with the investors on participation through multiple potential roles including collaboration on project development, financing and commercialisation.
ITRAMAS and CMECWUXI will become the anchor tenants and initial electricity offtakers within the industrial park.
UEM Group managing director Mohd Izani stated: “We are pleased to have on our side our local investor ITRAMAS as well as established and globally renowned companies to develop and invest in our first 1GW hybrid solar photovoltaic power plant integrated with RE industrial park.
“ITRAMAS, Blueleaf Energy, CMECWUXI and HEXA Renewables are investors that are not only committed to investing and developing Malaysia’s renewable energy assets but have also pledged to upskill local contractors in the RE industry, provide job creation and undertake knowledge transfer, all of which fits into UEM Group’s aim of creating high-quality employment opportunities for Malaysians.”
Hexa will collaborate with UEM and ITRAMAS on the planning, structuring, offtake arrangements, construction and operation of the project.
I Squared Capital senior partner Harsh Agrawal stated: “We will continue to seek out similar climate-focused infrastructure projects to support the global energy transition, including in emerging markets and countries party to the Indo-Pacific Economic Framework, pursuant to our partnership with the DFC.”
