MoU with UEM and ITRAMAS on 1GW solar

Pictured: Blueleaf Energy’s CEO, Raghuram Natarajan (5th from the right), Minister of Natural Resources, YB Nik Nazmi Nik Ahmad, Environment and Climate Change (3rd from the right), ITRAMAS’s Managing Director, Lee Choo Boo (6th from the left), UEM Group’s Managing Director, Dato’ Mohd Izani (5th from the left), Minister of Economy, YB Mohd Rafizi Ramli (4th from the left), Macquarie Group’s Malaysia Country Head, Nik Hadi Nik Mahmood (2nd from the left).

27 July 2023, Kuala Lumpur, Malaysia – To realize the Government’s decarbonization agenda and the country’s transition towards sustainable energy solutions, Blueleaf Energy, a leading green renewable energy platform and a standalone portfolio company of Macquarie Asset Management’s Green Investment Group, has inked a Memorandum of Understanding (MoU) to develop a 1 gigawatt of hybrid solar photovoltaic projects in Malaysia’s Renewable Energy (RE) industrial zone. The MoU is signed with UEM Group Berhad (UEM Group), a wholly owned subsidiary and the green investment platform of Khazanah Nasional Berhad (Khazanah), the sovereign wealth fund of the Government of Malaysia; and ITRAMAS Corporation (ITRAMAS), the largest vertically integrated solar power plant developer, EPCC and service provider in Malaysia.

The MoU took place at the launch of Malaysia’s National Energy Transition Roadmap (NETR), which targets to achieve 70 percent of the country’s capacity to come from renewable sources by 2050. Blueleaf Energy and UEM-ITRAMAS will collaborate on the planning, structuring, off-take arrangements, construction, and operation of the hybrid solar PV project.

Present to witness the signing was YB Mohd Rafizi Ramli, Minister of Economy; YB Nik Nazmi Nik Ahmad, Minister of Natural Resources, Environment and Climate Change; Dato’ Amirul Feisal Wan Zahir, Managing Director of Khazanah; Tunku Hammam Tunku Sulong, Executive Director of ITRAMAS; Nik Hadi Nik Mahmood, Country Head of Macquarie Group, Malaysia.

Signing the MOU for UEM Group was its Managing Director, Dato’ Mohd Izani Ghani. The other signatories are – Lee Choo Boo, Managing Director of ITRAMAS; Raghuram Natarajan, CEO of Blueleaf Energy.

Raghuram Natarajan, CEO of Blueleaf Energy, commented, “Blueleaf Energy is pleased to be part of the MoU today with our esteemed partners and contribute our technology, financing and commercialization expertise to realize 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. The realization of this project with strong public and private sector support will be an important step towards achieving Malaysia’s climate commitment of 40 percent RE in the power mix by 2035 and 70 percent by 2050, thereby creating a positive social and environmental impact and securing long-term benefits for the country.”

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 and Blueleaf Energy 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 is fully committed, together with Khazanah and UEM Group, to ensure the resounding success of this 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 to invest in this project and in Malaysia. Together with Khazanah, UEM Group, and Blueleaf Energy, we will provide a strategic catalyst to propel our nation to be a regional leader in energy transition and renewable energy value chain.” said Mr Lee Choo Boo, Managing Director of ITRAMAS.”

About Blueleaf Energy

Blueleaf Energy is a leading Pan-Asian Renewable energy platform that develops, finances, owns and operates renewables and storage assets to accelerate the energy transition towards net zero and beyond.

Committed to upholding the highest environmental, social, governance and safety standards, Blueleaf Energy serves both corporate and industrial consumers and large utilities, providing our customers access to a competitive and green energy mix and solutions to achieve their sustainability targets.

Blueleaf Energy has a development pipeline of solar, wind and storage projects in excess of 7 GW, a historical track record of developing and building 2 GW of capacity globally which includes over 500 MW in the Asia Pacific.

Blueleaf Energy is a portfolio company of Macquarie’s Green Investment Group (GIG), operating on a standalone basis.