PETALING JAYA: Khazanah Nasional Bhd, through its wholly-owned subsidiary, UEM Group Bhd has inked memorandums of understanding (MoUs) with local and foreign investors to develop one gigawatt (GW) hybrid solar photovoltaic (PV) power plant integrated with a renewable energy (RE) industrial park in Malaysia.
The project will be developed by the group in collaboration with local investor, ITRAMAS Corp Sdn Bhd.
The collaboration will see both parties leveraging complementary expertise, resources and networks, to achieve synergies for the project. It has attracted foreign strategic investors, including Blueleaf Energy and ITRAMAS’s existing partners, -China Machinery Engineering Wuxi Co. Ltd.
The project investors are in discussion with the group to consider participating through multiple potential roles including collaborating on project development, financing (including equity investments) and commercialisation (including offtake of green electricity). In addition, ITRAMAS alongside CMECWUXI also intend to be the anchor tenants and initial green electricity offtakers within the RE Industrial Park.
Furthermore, the park aims to attract foreign manufacturers and suppliers across the RE and electric vehicle value chains as well as other high-tech companies to set up operations and R&D facilities in the park, which in turn could drive the growth of the overall energy transition and EV ecosystems in Malaysia.
UEM group managing director Datuk Mohd Izani said “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,” he said in a statement.
Meanwhile, ITRAMAS managing director Lee Choo Boo said that the company, together with Khazanah and UEM Group, to ensure the success of the flagship energy transition project under the RE Zone and the National Energy Transition Roadmap.
“We are delighted with the strong support and commitment of our long-term partners in the international market ... We will provide a strategic catalyst to propel our nation to be a regional leader in energy transition and renewable energy,” he said.
The local investor is currently the largest vertically integrated solar power plant developer, engineering, procurement, construction, and commissioning as well as service provider in Malaysia, with more than 200MWp in operation. It is involved in all aspects of solar energy covering large scale solar, commercial and industrial as well as residential segments.
