Malaysia's UEM Group Bhd said Thursday that it has inked Memorandums of Understanding (MoUs) with local and foreign investors to develop a 1-gigawatt (GW) hybrid solar photovoltaic power plant integrated with a renewable energy industrial park in Malaysia.
The wholly-owned subsidiary of Malaysia's sovereign wealth fund Khazanah Nasional said in a statement that the project will be developed by UEM in collaboration with local investor ITRAMAS Corporation, which is the largest vertically integrated solar plant developer in Malaysia.
The project has also attracted renowned foreign strategic investors which include the likes of Blueleaf Energy and ITRAMAS's existing partners.
It is noted that the project investors are in discussion with UEM to consider participating through multiple potential roles including collaborating on project development, financing and commercialization.
According to the statement, the renewable energy industrial park aims to attract foreign manufacturers and suppliers across the renewable energy and electric vehicle (EV) value chains as well as other high-tech companies to set up operations and research and development facilities in the park, which in turn could drive the growth of the overall energy transition and EV ecosystems in Malaysia.
The project is in line with the strategic and high-value national flagship energy transition projects under Malaysia's National Energy Transition Roadmap.