Hexa Renewables, a portfolio company of infrastructure investment manager I Squared Capital, agreed to a memorandum of understanding (MOU) to develop up to one gigawatt of hybrid solar photovoltaic projects in Malaysia, I Squared announced in a July 27 press release.

The MOU is with UEM Group Berhad, a wholly owned subsidiary and investment platform of Khazanah Nasional Berhad, the sovereign wealth fund of the Government of Malaysia. Also in the agreement is Itramas Corp., the largest vertically-integrated solar power plant developer in Malaysia.

The companies will cooperate on offtake agreements and the planning and operation of the project. Hexa will support the development of Malaysia’s energy transition-related sectors including RE, grid stability, battery energy storage system, clean fuels and energy efficiency. 

The project is part of Malaysia’s goal in its National Energy Transition Roadmap to have 70% of the country’s energy capacity sourced from renewables by 2050. 

Hexa Renewables’ commitment is also in line with I Squared’s agreement with the U.S. International Development Finance Corp. to finance sustainable infrastructure projects.