Macquarie-backed Blueleaf progresses 3 GW Malaysian solar, storage plan

Blueleaf Energy, owned by Australia’s Macquarie Asset Management, and Chemsain Sustainability have signed a memorandum of understanding (MoU) to investigate the development of 3 GW of renewable energy projects in Malaysia.

The collaboration will focus on the development of utility-scale solar and battery energy storage projects in the Sarawak region.

The partners said the MoU provides a framework for cooperation across several key areas, including site and grid access, permitting, and technical development. The partnership will also explore opportunities for associated industrial ecosystem development in the region.

Blueleaf CEO Raghuram Natarajan said the partners aim to accelerate Malaysia’s clean energy transition by leveraging the Singapore-based company’s expertise in renewable energy development and financing and Chemsain’s local knowledge of the regulatory landscape and sustainability frameworks.

“The ambition to develop up to 3 GW of renewable energy in Sarawak is a powerful testament to the region’s immense potential,” he said.

“By combining our global expertise in financing and large-scale project development, with Chemsain’s deep-rooted local knowledge, we are confident in our ability to deliver energy solutions that create long-term value and bolster Malaysia’s energy transition.”

Malaysia is targeting 40% of its electricity from renewables by 2035, up from about 13% today.

Blueleaf Chief Operating Officer Amiram Roth-Deblon said teaming with Chemsain will help derisk the company’s development pipeline and enable large-scale clean energy investment that delivers lasting value in the region.

“Partnering with a trusted local advisor like Chemsain exemplifies our commitment to ‘go local’ to deliver the best solutions,” he said. “In a market as dynamic as Sarawak we understand the value of forging such partnerships to not only derisk our development pipeline but also ensure our projects are seamlessly integrated with the local community, delivering a holistic and positive impact that goes beyond just power generation.”

Owned by a fund managed by Macquarie Asset Management, Blueleaf has a pipeline of more than 3 GW of solar and wind energy generation projects and 2 GWh of storage projects across Southeast Asia, India, Taiwan, and Japan.

From pv magazine Australia.