As the world transitions toward renewable energy sources, ITRAMAS Corporation is ensuring that Malaysia not only keeps pace but emerges as a leader in sustainable energy. Since its inception in 1999, ITRAMAS has introduced many groundbreaking firsts and helped achieve milestones in Malaysia’s green energy industry.
“We introduced energy-saving LED applications in traffic, transport, display, and eventually in lighting,” says Lee Choo Boo, Group Managing Director and CEO of ITRAMAS. “We developed all kinds of innovative energy-efficient products in the lighting and automotive sectors. Then we started to ship to Europe, the U.S., and other countries. We had a company in California that was distributing our products there, but subsequently, we decided to focus on Asia and the European markets because we had limited resources and we wanted to be focused.”
The company eventually evolved its services to focus on the intelligent transport system (ITS) sector. “We built control and command centers and worked on traffic management and traffic information,” says Lee. With a vision to expand its services to global markets, ITRAMAS has a strong R&D team that constantly explores new frontiers in ITS and also in renewable energy, and it has forged strategic collaborations with several educational institutions.
In 2010, the Malaysian government introduced a feed-in tariff (FIT) scheme to incentivize residents and businesses to adopt solar energy. The move was initially effective, but after a few years, the sector failed to gain the necessary traction. In 2015, in the wake of this discouraging setback, ITRAMAS proposed to build three utility-scale solar plants in Malaysia, and the government approved the plan.
“We built the first portfolio of three large-scale solar plants in the country. We raised the finances from different institutions and we were even supported by the World Bank. It was the first time that multiple power plants were grouped together and financing was raised in a single tranche,” notes Lee. “In 2016, we issued the largest green Islamic bond in the world. We received many international awards. We received a Double A rating, and the bonds were oversubscribed. In fact, we won an award for the most heavily traded ESG bond in the country in 2022.”
The construction of the three large solar power plants significantly advanced Malaysia’s position in the renewable energy industry. “We are proud that we have the largest portfolio of operating solar plants in the region, with a total capacity in excess of 200 MWp,” says Lee. ITRAMAS has identified barriers that hinder homeowners from adopting solar energy and has implemented a proactive approach to encourage solar installation. “Converting to solar energy costs around US$10,000 per residential house. So, we assist people in securing financing from different banks,” says Lee. “We also launched the SOLARSAVE ™ Program, and provide 10 years of free service and support. We let the customers know that we stand by them.” SOLARSAVE™ supported 450 installations within nine months of its launch across the country.
ITRAMAS contributes to the development of Malaysia and supports the government in its shift toward green energy. The country recently announced an ambitious target of 70% renewable energy capacity mix by 2050, and the rollout of utility-scale solar and other renewable energy plants will need to be accelerated for the country to achieve this target.
“We have 9.2 million households in Peninsular Malaysia, of which over 4 million are landed properties, and everyone can put solar on the roof. So far, only about 300,000 houses have converted, which means there’s a huge market here,” notes Lee. As the sustainable future unfolds, ITRAMAS will continue to lead with innovative solutions that shape the future of the renewable energy industry in Malaysia.
Source : REO Communications : Malaysia
