UEM and Blueleaf sign agreement for 500 MW solar hybrid project in Malaysia

Malaysia’s UEM Group Bhd has signed an agreement to build a 500MW hybrid solar park in the country, in partnership with renewable energy platform Blueleaf Energy and engineering firm ITRAMAS Corp Sdn Bhd.

The project is the second realized last summer under existing arrangements to deploy 1 GW of hybrid solar power capacity within the Malaysian Renewable Energy Industrial Park. UEM Group said on Wednesday the plan would be implemented through a joint venture.

Under the shareholders’ agreement, UEM’s green energy arm UEM Lestra and Macquarie Asset Management’s portfolio company Blueleaf will hold 51% and 49% of the new entity Lestra Blueleaf JV Sdn Bhd respectively. Technology Partner Agreement to deliver technical services and handle engineering, procurement, construction and commissioning work.

The partners intend to engage with the government on the details of the third-party access (TPA) framework required for the project to enter the implementation phase.

Last summer, UEM Group and ITRAMAS worked together on a 1GW solar hybrid project. “Less than a year since we signed the MoU, we have agreed on all the terms and signed all the necessary agreements,” UEM Lestra chairman Dato’ Mohd Izani said .

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