SINGAPORE, July 27 (Bernama-BUSINESS WIRE) — I Squared Capital, a leading global infrastructure investment manager, announced today that its portfolio company, HEXA Renewables, has signed a memorandum of understanding to develop up to 1 gigawatt of hybrid solar photovoltaic projects in the southern tip of Peninsular Malaysia. The project is the first to be announced under Malaysia’s National Energy Transition Roadmap, which targets that 70 percent 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.
“I Squared Capital and our wholly owned renewable energy platform, HEXA Renewables Malaysia, are proud to participate in this landmark project,” said Gautam Bhandari, Chief Investment Officer and Managing Partner of I Squared Capital. “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 catalyze the energy transition in Malaysia, an IPEF founding member.”