UEM Lestra, Blueleaf Energy, and ITRAMAS Sign Agreement for 500 MW Hybrid Solar Power Plant Development

UEM Group Berhad (UEM Group), through its wholly-owned subsidiary and green industry arm, UEM Lestra Berhad (UEM Lestra), signed an agreement today to develop a 500-megawatt (MW) hybrid solar power plant in collaboration with Blueleaf Energy, a leading renewable energy platform, and ITRAMAS Corporation Sdn Bhd (ITRAMAS).

This project marks the second development under UEM Lestra’s one-gigawatt (GW) hybrid solar power plant flagship venture, which is part of the National Energy Transition Roadmap (NETR) announced by the Malaysian Government in July 2023.

UEM Lestra, alongside Blueleaf Energy—a Macquarie Asset Management portfolio company—and ITRAMAS, has progressed significantly in the one-gigawatt hybrid solar power plant initiative. Key developments include site identification, strategic offtake and commercialization partnership discussions, and technical project specifications. The consortium will collaborate with the government to finalize the third-party access (TPA) framework required for project execution.

The signing ceremony today finalized agreements that will see the companies developing the 500 MW hybrid solar power plant. The first agreement, a shareholders’ agreement between UEM Lestra and Blueleaf Energy, establishes a joint venture named Lestra Blueleaf JV Sdn Bhd, with UEM Lestra holding 51% ownership and Blueleaf Energy 49%.

The second agreement, a technical partner agreement between Lestra Blueleaf JV and ITRAMAS, involves ITRAMAS providing technical services to develop a comprehensive Engineering, Procurement, Construction, and Commissioning (EPCC) package.

Representatives at the signing included Harman Faiz Habib Muhamad, Acting Chief Executive Officer, and Nor Hafifi Jalal, General Manager of Business Development, for UEM Lestra; Raghuram Natarajan, CEO, and Scott Griffiths, Head of Strategy & Planning, for Blueleaf Energy; and Lee Choo Boo, Managing Director, and Datuk Khairuddin Ibrahim, Chairman, for ITRAMAS. Witnessing the signing were Dato’ Mohd Izani Ghani, Managing Director of UEM Group and Chairman of UEM Lestra; Nik Hadi Nik Mahmood, Malaysia Country Head of Macquarie Group; and Tunku Hammam Tunku Sulong, Executive Director of ITRAMAS.

Dato’ Mohd Izani stated, “In less than a year since the MoU signing, we have finalized all terms and agreements, showcasing the commitment and dedication of all parties involved in this ambitious 1 GW hybrid solar power plant venture.”

Raghuram Natarajan, CEO of Blueleaf Energy, remarked, “This milestone with our esteemed partners under NETR enhances green economic activity and positions Malaysia as a leader in ASEAN’s decarbonization efforts. We are committed to contributing positively towards Malaysia’s renewable energy targets and net-zero journey.”

Lee Choo Boo, Managing Director of ITRAMAS, added, “This agreement signifies a pivotal advancement in our collaboration to implement the 1 GW hybrid solar power plant. We are dedicated to contributing our solar technology expertise and EPCC services, reinforcing Malaysia’s leadership in sustainable energy. We are proud to partner with UEM Lestra and Blueleaf Energy in harnessing solar technology for a greener future.”