The Malaysian company UEM Group has signed an agreement with Blueleaf Energy and Itramas Corporation to develop a 500 MW hybrid solar power plant in Malaysia, part of a 1 GW flagship venture between the companies. A signed shareholder agreement establishes a joint venture company, Lestra Blueleaf JV (51% UEM Lestra, a subsidiary of UEM Group, and 49% Blueleaf) to build the power plant. A technical partner agreement was also signed between the Lestra Blueleaf JV and Itramas, which will see the latter provide technical services in developing a complete EPCC (Engineering, Procurement, Construction and Commissioning) package.
As of end-2023, solar represented about 5% of Malaysia’s installed capacity with over 1.9 GW and only 1.4% of its power generation with 2.7 TWh. Malaysia aims to reach 18.5 GW of renewable capacity by 2040, so that renewables would cover 17% of the total primary energy supply, comprising 9% of hydro, 4% of solar, and 4% of biofuels.
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