UEM LESTRA, BLUELEAF ENERGY AND ITRAMAS SIGN AGREEMENT TO DEVELOP 500 MW HYBRID SOLAR POWER PLANT

This is the second 500 MW hybrid solar power plant to be developed by UEM Lestra and partners under Malaysia’s National Energy Transition Roadmap.

KUALA LUMPUR, 5 June 2024 – UEM Group Berhad (UEM Group) through its wholly-owned subsidiary and green industry arm, UEM Lestra Berhad (UEM Lestra), earlier today signed an agreement to develop a 500-megawatt (500 MW) hybrid solar power plant with Blueleaf Energy, a leading green renewable energy platform, and ITRAMAS Corporation Sdn Bhd (ITRAMAS).

 

This will be the second such project to be developed by UEM Lestra and its partners as part of the one-gigawatt (1 GW) hybrid solar power plant flagship venture under the National Energy Transition Roadmap (NETR) announced by the Malaysian Government back in July 2023.

 

UEM Lestra, through their partnership with Blueleaf Energy, a Macquarie Asset Management portfolio company, and ITRAMAS, has made significant strides in the development of the one-gigawatt (1GW) hybrid solar power plant including site identification, strategic offtake and commercialization partnership discussions, and technical project specifications. The parties will work together with the government on the details of the third-party access (TPA) framework that will be required for the project to move to the execution phase.

 

Following the signing of the MoU in July of 2023, the following agreements were signed today which will see the companies working together to develop the 500 MW hybrid solar power plant. The first, a shareholders’ agreement signed by UEM Lestra and Blueleaf Energy, establishes a joint venture company named Lestra Blueleaf JV Sdn Bhd (Lestra Blueleaf JV), with 51% ownership by UEM Lestra and the remaining 49% by Blueleaf Energy.

 

The second is a technical partner agreement signed between the Lestra Blueleaf JV and ITRAMAS which will see the latter provide technical services in developing a complete EPCC (Engineering, Procurement, Construction and Commissioning) package.

 

Present and signing on behalf of UEM Lestra were its Acting Chief Executive Officer, Harman Faiz Habib Muhamad and Nor Hafifi Jalal, General Manager of Business Development. Blueleaf Energy was represented by its Chief Executive Officer, Raghuram Natarajan and Head of Strategy & Planning, Scott Griffiths. Meanwhile ITRAMAS was represented by its Managing Director, Lee Choo Boo and Chairman, Datuk Khairuddin Ibrahim.

On hand to witness the signing were Dato’ Mohd Izani Ghani, Managing Director of UEM Group and Chairman of UEM Lestra, Nik Hadi Nik Mahmood, Malaysia Country Head of Macquarie Group, and Tunku Hammam Tunku Sulong, Executive Director of ITRAMAS.

 

Dato’ Mohd Izani said, “In less than a year of us signing the MoU, we have agreed on all of the terms and signed all of the necessary agreements. This shows the commitment and dedication of all parties involved in realising the ambitious 1 GW hybrid solar power plant venture.”

 

“The collaboration between both domestic and foreign entities in this project allows us to leverage on the strategic complementarities and generate the momentum in driving forward Malaysia’s energy transition agenda. All hands are now on deck to attain the necessary endorsements from the relevant authorities and at the same time continue to secure potential off-takers, which to date have been very encouraging,” added Dato’ Mohd Izani.

 

Raghuram Natarajan, CEO of Blueleaf Energy, commented, “Blueleaf Energy is excited to be achieving this important milestone with our esteemed partners on this flagship project under NETR.  Together with other NETR initiatives, this project is poised to enhance green economic activity, create local supply chain ecosystems, and propel Malaysia to become a leader in ASEAN’s decarbonization efforts and energy transition. We look forward to positively contributing towards Malaysia achieving its renewable energy targets and accelerating its net-zero journey.

 

ITRAMAS’ Lee Choo Boo echoed the sentiment, “Today’s agreement marks a pivotal advancement in our collaboration to implement the 1GW hybrid solar power plant under Malaysia’s NETR. At ITRAMAS, we are dedicated to contributing our expertise in solar technology and EPCC services to ensure the successful implementation of this project. This venture not only demonstrates our capability in renewable energy infrastructure but also strengthens Malaysia’s position as a leader in sustainable energy. We are proud to partner with UEM Lestra and Blueleaf Energy, working together to harness the potential of solar technology for a greener future.”

 

Other Sources :

UEM Group, The Edge, Berita Harian, Malay Mail

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