KUALA LUMPUR: UEM Group Bhd plans to strengthen and organically grow its green assets and operations in the next five years via UEM Lestra Bhd, its newly formed and wholly-owned subsidiary.
Under the initiative, the engineering-based infrastructure and services conglomerate would also nurture local and capable green players and form strategic partnerships including joint ventures to undertake projects in renewables and storage infrastructure, integrated energy solutions, green or electric mobility and waste management and recycling.
UEM Group managing director Datuk Mohd Izani Ghani said the group would be tapping into the Islamic bond market and is currently putting in place an RM7 billion sustainable and responsible investment (SRI) sukuk programme, which the proceeds will be used to finance investments to be undertaken by UEM Lestra.
"We intend to lead the country’s decarbonisation agenda and this includes supporting the government’s efforts to transition towards sustainable energy solutions and to be a carbon-neutral nation, achieving a 70 per cent renewable energy (RE) capacity in the country’s electricity supply by 2050,” he said in a statement today.
In addition, UEM Group plans to strengthen the domestic economic ecosystem and build a competitive green business with a direct and active ownership approach, and ultimately achieve commercial returns.
The company said it has identified several local and international green energy players with a commendable track record and presence across the country which are seeking the involvement of a strategic investor to expand their operations.
In addition, UEM Group is currently in talks with several foreign investors who are keen to invest in the development of RE in Malaysia, details of which will be announced before the end of 2023. - Bernama
Already a subscriber? Log in
Get 20% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
