UEM supports Malaysia’s renewable energy agenda, strategies and initiatives

29 Aug 2023 08:37pm

Datuk Seri Anwar Ibrahim (centre) visits an exhibition at the launch of the second phase of the National Energy Transition Roadmap (NETR) at Kuala Convention Centre today. Also present, Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad (second, right). Photo by Bernama --fotoBERNAMA (2023) COPYRIGHT RESERVED

SHAH ALAM - UEM Group Berhad (UEM Group) offers its full support for Malaysia’s Renewable Energy (RE) agenda and embraces the strategies and initiatives outlined in the National Energy Transition Roadmap (NETR).

UEM Group Managing Director Datuk Mohd Izani Ghani said the NETR, which was launched by Prime Minister Datuk Seri Anwar Ibrahim today, laid out coherent strategies and initiatives to lead our country’s energy transition, raise our economic ceiling, enhance the livelihoods of the Rakyat and assert Malaysia’s place as a regional frontrunner in the renewable energy industry.

“NETR astutely identifies Malaysia’s current positioning whilst addressing the hurdles ahead. The commitment shown by the Government to undertake this economic paradigm shift is commendable and we are confident with the continuous policy support, it would pave the way for Malaysia to become a high-value and green sustainable economy as well as accomplish the country’s aspiration towards net-zero emissions by 2050.

“UEM Group is fully on board and we stand ready to attract more high-quality investments, both local and foreign, which we believe will move the needle and generate the momentum prerequisite for progress in this area,” Izani said, adding that such investments will drive the necessary momentum for progress in this field.

He said that recently, UEM Group unveiled intentions to develop a one (1) gigawatt (GW) Hybrid Solar Photovoltaic (PV) Power Plant integrated with an RE Industrial Park in the country.

The project was one of the 10 flagship catalyst projects announced earlier under Phase 1 of NETR, which would involve the participation of a local entity as well as three foreign investors.

"It also announced RM7 billion Sustainable and Responsible Investment (SRI) sukuk programme under a Special Purpose Vehicle (SPV), UEM Olive Capital Berhad, from which the proceeds will be used to finance investments to be undertaken by its green investment arm, UEM Lestra Berhad.

"UEM Group also had on Aug 16 announced the acquisition of Cenergi SEA Berhad, a company that specialises in reducing carbon footprint through investment in renewable energy specifically biogas, biomass and solar as well as energy efficiency projects,” the statement read.