KUALA LUMPUR: Uzma Bhd, via its indirect wholly-owned Uzma Kuala Muda Sdn Bhd, has accepted an offer for Islamic financing facilities amounting to RM225 million for 50 megawatt (MW) large-scale solar project.
The financing has been extended by Affin Islamic Bank Bhd and Export-Import Bank of Malaysia Bhd (EXIM Bank).
According to Uzma, the project is under the government's Large Scale Solar 4@MEnTARI (LSS4@MEnTARI) programme.
The funds will primarily be utilised to finance the development and construction of a 50 megawatt alternating current (MWac) large scale solar photovoltaic (LSSPV) plant.
The facility in Bukit Selambau, Kedah is expected to harness solar energy to generate clean electricity, contributing significantly to Malaysia's renewable energy goals.
As of the end of April 2023, Uzma's Kuala Muda LLSS4 project is at a 25 per cent completion stage.
Uzma group chief executing officer Datuk Kamarul Redzuan Muhamed said the company will deliver substantial environmental and economic benefits to the nation, as the project aligns with its commitment to sustainable development.
"The support extended by Affin Islamic and EXIM Bank is instrumental in realising our vision of expanding renewable energy infrastructure in Malaysia," he said in a statement today.
Spanning 73.7 hectares, the project shows Uzma's commitment to sustainable energy solutions and dedication to reducing its carbon footprint.
Uzma aims to drive the nation's transition towards a more sustainable future, by spearheading the adoption of green technology in Malaysia's energy sector.
The company's involvement in this large-scale solar project is expected to play a pivotal role in the nation's energy transition, as Malaysia aims to grow its overall renewable energy portfolio to 7,000 MW by 2030 and achieve net-zero emissions and coal-free status by 2050.
Through this financing, Uzma is set to establish itself as a key player in the renewable energy landscape, creating new economic catalysts and contributing to long-term sustainability in Malaysia.