PETALING JAYA: UEM Group Bhd, the wholly-owned subsidiary of Khazanah Nasional Bhd, has tied up with local and foreign investors to develop a 1 GW hybrid solar photovoltaic power plant integrated with a renewable energy (RE) industrial park in Malaysia.
The project will be developed by UEM Group in collaboration with local investor ITRAMAS Corp Sdn Bhd, which is currently the largest vertically integrated solar plant developer, as well as engineering, procurement, construction and commissioning and service provider in Malaysia.
The collaboration will see both parties leveraging complementary expertise, resources and networks to achieve synergies that will ensure greater success for the project.
The project has also attracted renowned foreign strategic investors which include the likes of Blueleaf Energy and ITRAMAS’ existing partners, China Machinery Engineering Wuxi Co Ltd (CMECWUXI) and HEXA Renewables.
In a joint statement yesterday, UEM Group, ITRAMAS, Blueleaf Energy, CMECWUXI and HEXA Renewables said the Project is in line with the strategic and high-value national flagship energy transition projects under the National Energy Transition Roadmap (NETR).
“The project investors are in discussion with UEM Group to consider participating through multiple potential roles including collaborating on project development, financing (including equity investments) and commercialisation (including offtake of green electricity).
“ITRAMAS, alongside CMECWUXI, also intend to be the anchor tenants and initial green electricity offtakers within the RE Industrial Park.
The parties said the RE industrial park aims to attract foreign manufacturers and suppliers across the RE and electric vehicle (EV) value chains, as well as other high-tech companies to set up operations and research and development facilities in the park.
It is expected that this, in turn, will drive the growth of the overall energy transition and EV ecosystems in Malaysia.
Khazanah managing director Datuk Amirul Feisal Wan Zahir said the NETR is a catalyst for the achievement of Malaysia’s aspiration in becoming a regional leader in the fields of energy transition and renewable energy.
“This project is a step in the right direction and demonstrates UEM Group’s commitment to sustainable green initiatives moving forward.”
UEM Group managing director Datuk Mohd Izani said the project is in line with the strategic and high-value national flagship energy transition projects under the NETR.
“ITRAMAS, Blueleaf Energy, CMECWUXI and HEXA Renewables are investors that are not only committed to invest and develop 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.”
ITRAMAS managing director Lee Choo Boo said the group is fully committed to ensure the resounding success of this flagship energy transition project.
“Together with Khazanah, UEM Group, HEXA Renewables, Blueleaf Energy and CMECWUXI, we will provide a strategic catalyst to propel our nation to be a regional leader in energy transition and renewable energy value chain.”
Blueleaf Energy meanwhile said it is pleased to contribute its technology, financing and commercialisation expertise to realise the investment, development, construction and operation of reliable, long-term and commercially viable renewable hybrid energy solutions for the national significance RE industrial zone initiative in the country under the NETR framework.
“Investing in Malaysia’s renewable energy projects is strongly supported by the government’s sustainability vision and a growing demand for green energy solutions.”
Meanwhile, CMECWUXI general manager and chairman of the board Kathy Hsu noted that the world advocates a low-carbon lifestyle and realises zero-emission manufacturing as soon as possible.
“The world is multilateral, but it is the responsibility and mission of every entrepreneur in the world to promote the development of economy between countries and benefit the happiness index of the people of the two countries.”