UEM GROUP SUPPORTS MALAYSIA’S RENEWABLE ENERGY AGENDA, NETR’S STRATEGIES AND INITIATIVES
KUALA LUMPUR, 29 August 2023 – UEM Group Berhad (UEM Group), the wholly-owned subsidiary of Khazanah Nasional Berhad (Khazanah), is fully supportive of Malaysia’s Renewable Energy (RE) agenda and welcome strategies and initiatives outlined in the National Energy Transition Roadmap (NETR), launched by YAB Prime Minister Dato’ Seri Anwar Ibrahim today.
“In the NETR, the Government has detailed 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," said Dato' Mohd Izani Ghani, Managing Director of UEM Group.
“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’re 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,” added Dato’ Mohd Izani.
UEM Group recently announced plans to develop a one (1) gigawatt (GW) Hybrid Solar Photovoltaic (PV) Power Plant integrated with RE Industrial Park in Malaysia. The project, one of the 10 flagship catalyst projects announced earlier under the Phase 1 of NETR, will see the participation of a local entity as well as three foreign investors.
It also announced a 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 16 August 2023, 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.
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