KUALA LUMPUR, July 27 (Bernama) -- I Squared Capital, a global infrastructure investment manager, announced its portfolio company, HEXA Renewables, has signed a memorandum of understanding to develop up to one gigawatt of hybrid solar photovoltaic projects in the southern tip of Peninsular Malaysia.
In a statement, I Squared Capital said the project is the first to be announced under Malaysia’s National Energy Transition Roadmap, which targets that 70 per cent of the country’s energy capacity be sourced from renewables by 2050.
The memorandum is signed with UEM Group Berhad (UEM), a wholly owned subsidiary and the green investment platform of Khazanah Nasional Berhad, the sovereign wealth fund of the Government of Malaysia; and ITRAMAS Corporation (ITRAMAS), the largest vertically integrated solar power plant developer, EPCC and service provider in Malaysia.
“As a pioneer in investing in the renewable and Energy Transition sector with nearly 5.8 gigawatts of renewable assets around the world, we are excited to bring our expertise in green power generation to help catalyse the energy transition in Malaysia, an IPEF founding member,” said I Squared Capital Chief Investment Officer and Managing Partner, Gautam Bhandari.
Meanwhile, I Squared Capital Senior Partner, Harsh Agrawal said: “We will continue to seek out similar climate focused infrastructure projects to support the global energy transition, including in emerging markets and countries party to the Indo-Pacific Economic Framework, pursuant to our partnership with the DFC.”
HEXA Renewables’ commitment to this project follows I Squared Capital’s agreement with the United States International Development Finance Corporation (DFC) to partner in financing sustainable infrastructure projects in emerging markets, including those party to the Indo-Pacific Economic Framework (IPEF), such as Malaysia.
The project will advance I Squared Capital and the DFC’s shared ambition to support inclusive economic development through climate change mitigation.
HEXA and UEM-ITRAMAS will collaborate on the planning, structuring, off-take arrangements, construction and operation of the project.
HEXA is also leveraging its established track record in the energy transition space to support the development of Malaysia’s energy transition related sectors including renewable energy, grid stability, battery energy storage system, clean fuels and energy efficiency.
-- BERNAMA
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