UEM Group Inks MoU with Itramas to Develop 1GW Hybrid Solar PV Power Plant in Malaysia

UEM Group Berhad, the wholly-owned subsidiary of Khazanah Nasional Berhad (Khazanah), has inked Memorandums of Understanding (MoUs) with local and foreign investors to develop 1 gigawatt (GW) Hybrid Solar Photovoltaic (PV) Power Plant integrated with a Renewable Energy (RE) Industrial Park in Malaysia (the Project).

The Project is in line with the strategic and high-value national flagship energy transition projects under the National Energy Transition Roadmap (NETR), which was launched by the Minister of Economy for which Khazanah has been named as the champion for Renewable Energy Zone (REZ) in Malaysia.

The Project will be developed by UEM Group in collaboration with local investor, ITRAMAS Corporation Sdn. Bhd. (ITRAMAS), currently the largest vertically integrated solar plant developer, EPCC (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’s existing partners, China Machinery Engineering Wuxi Co. Ltd. (CMECWUXI) and HEXA Renewables.

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 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, which in turn could drive the growth of the overall energy transition and EV ecosystems in Malaysia.

Dato’ Amirul Feisal Wan Zahir, Managing Director of Khazanah said, “Khazanah fully supports the NETR, 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.”

Dato’ Mohd Izani, Managing Director of UEM Group said, “This Project is in line with the strategic and high-value national flagship energy transition projects under NETR, launched by the Minister of Economy. We’re 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 1 GW 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 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.”