Hexa and UEM-Itramas have planned to develop a state-of-the-art solar project in Malaysia.
It has been informed that this agreement means they will collaborate on planning, construction, operation, and offtake agreements for the solar project.
According to the companies, the project is in line with the Malaysian National Energy Transition Roadmap which aims to decarbonize the country’s energy mix by 2050.
The companies’ announcement comes after Masdar announced its plans to build 2GW of clean energy capacity in Malaysia.
At present, renewable energy accounts for 3.9% of the total energy supply in Malaysia. The new roadmap aims to increase the share of renewables to 40% by 2035 and 70% by 2050.
As solar power could play a major role in the transition, international investors from different countries have shown interest in developing renewable power in the country.
To achieve the goals, the Malaysian government has prioritized four key solar projects, including an integrated renewable energy zone, a hydro and floating solar project, a solar park, and residential solar installations.
As per the authorities, these projects need significant investments in order to achieve the renewables target.