KULIM : UEM Group Bhd has acquired a 51 per cent stake in NUR Power Sdn Bhd, the independent power utility producer for Kulim Hi-Tech Park (KHTP), through the group's green industry subsidiary, UEM Lestra Bhd.
A documents exchange on the shares' acquisition between both companies was witnessed by Deputy Prime Minister Datuk Seri Fadillah Yusof.
He attended the launch of NUR Power's 90MW open cycle turbine gas power plant in Kulim Hi-Tech Park (KHTP) today.
Present were Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor and state Industry and Investment Committee chairman Dr Haim Hilman, NUR Power managing director Ikhwan Hafiz Jamaludin.
UEM Lestra chief executive officer Harman Faiz Habib Muhamad said the strategic involvement of UEM Lestra as a government-linked company through this majority stake is driven by the potential for substantial value creation leveraging NUR's established operational strengths, which offer vast opportunities for future expansion.
"This acquisition of a majority stake in NUR is a pivotal element of UEM Lestra's RM1.5 billion pledge to be deployed over the next 24 months to advance the decarbonisation of industrial parks in Malaysia.
"This commitment aligns with UEM Group's domestic investment agenda, which aims to create new job opportunities and attract more foreign investment into the country.
"UEM Lestra is committed to continuously enhancing its capabilities and broadening the horizons of local companies such as NUR. We will work with them to spearhead more comprehensive industrial decarbonisation efforts, beginning with KTHP before expanding these initiatives to other industrial parks in Malaysia."
Meanwhile, Ikwan emphasised NUR's unwavering commitment to providing high-quality, stable, and reliable electrical power.
In a statement, UEM Lestra said NUR's distributed generation model has successfully attracted investments exceeding RM176.7 billion at KHTP.
NUR is dedicated to continuously expanding its generation capacity to meet the electricity demand at KHTP, ensuring that power quality is maintained in accordance with MS 61000-4-34 standards, as required by customers, particularly in high-tech industries.
Recognising the increasing energy demand at KHTP, NUR has taken proactive steps through targeted, high-tech investments.
NUR also anticipates that electricity demand will reach 612MW by the end of 2033, driven by the rapid growth of KHTP, particularly Phase 4 and the upcoming Phase 4A (the current development area).
To date, NUR has invested in energy generation infrastructure to meet this demand. This includes a 130MW combined-cycle gas turbine power station expected to be completed by 2025, as well as Phase 1 and Phase 2 utility-scale solar farms, which will generate a total of 100MW and are anticipated to be completed in 2025 and 2027, respectively.