Blueleaf Energy Partners with UEM-ITRAMAS to Develop 1 GW of Hybrid Solar Plants in Malaysia


Blueleaf Energy, a leading green renewable energy platform and portfolio company of Macquarie Asset Management’s Green Investment Group, has joined hands  with UEM Group and ITRAMAS Corporation. The MoU executed between the parties is for the development of 1 gigawatt of hybrid solar photovoltaic projects in Malaysia’s RE industrial zone, supporting the government’s decarbonization agenda and sustainable energy transition.


UEM Group Berhad (UEM Group) is a wholly owned subsidiary and green investment platform of Khazanah Nasional Berhad (Khazanah), Malaysia’s sovereign wealth fund. ITRAMAS Corporation (ITRAMAS) is the largest vertically integrated solar power plant developer, EPCC, and service provider in the country.

The MoU was signed during the launch of Malaysia’s National Energy Transition Roadmap (NETR), aiming for 70% of the country’s capacity to be sourced from renewables by 2050. Their collaboration will encompass planning, structuring, off-take arrangements, construction, and operation of the hybrid solar PV project. The MoU was executed  between the  Managing Director of UEM Group, Dato’ Mohd Izani Ghani, Lee Choo Boo, Managing Director of ITRAMAS and Raghuram Natarajan, CEO of Blueleaf Energy.

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The following were also present who witnessed the execution of MoU: 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.

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.”

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Dato’ Mohd Izani, Managing Director of UEM Group added, “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.” noted Mr Lee Choo Boo, Managing Director of ITRAMAS.”

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