Blueleaf Energy, a Macquarie Asset Management portfolio company for Pan-Asia, will develop a 500 MW hybrid solar power plant in Malaysia in collaboration with UEM Group Berhad and Malaysian solar power plant developer and EPCC service provider ITRAMAS Corporation Sdn Bhd.
An investment holding company of Malaysia's sovereign wealth fund Khazanah Nasional Berhad, UEM Group has entered the collaboration through its green industry arm UEM Lestra Berhad.
This agreement between the trio is part of their July 2023 memorandum of understanding (MoU) for the development of 1 GW of hybrid solar PV projects in the industrial zone in Malaysia. This 1 GW is the flagship venture under the National Energy Transition Roadmap (NETR) (see Malaysia's National Energy Transition Roadmap Part 1).
The 500 MW hybrid project is the 2nd facility to be developed under the arrangement.
According to Blueleaf, the project partners are speeding ahead with the development of the 1 GW capacity in terms of site identification, strategic offtake and commercialization partnership discussions and project specifications.
They plan to now work with the Malaysian government for 3rd party access (TPA) framework for the project to execute the project.
Both UEM Lestra and Blueleaf will advance the project through Lestra Blueleaf JV Sdn Bhd, a 51:49 joint venture (JV) company. The JV firm has entered into a technical partner agreement with ITRAMAS for EPCC services.
"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," said Blueleaf Energy CEO. Blueleaf's development pipeline consists of over 7 GW of solar, wind and storage.
Malaysia's total installed renewable energy capacity at the end of 2023 exceeded 9 GW, comprising 1.93 GW of solar PV, according to the International Renewable Energy Agency (IRENA).
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