Blueleaf, Universal Peak achieve financial close for 100 MW/400 MWh BESS project in Malaysia

Blueleaf Energy, a Singapore-based pan-Asian renewable energy platform, and Universal Peak Sdn Bhd (UP), a Malaysian turnkey provider of electrical infrastructure solutions, have announced financial close with United Overseas Bank (UOB), a Singapore-headquartered banking group, for their utility-scale 100 MW/400 MWh battery energy storage system (BESS) project in Malaysia. UOB serves as the sole lender for the project.

BKHM BESS Sdn Bhd, a joint venture company of Blueleaf and UP, will build the project under a build-own-operate (BOO) model, with commissioning scheduled for mid-2027.

Malaysia is targeting net-zero emissions by 2050 under its National Energy Transition Roadmap (NETR). The 100 MW/400 MWh BESS facility, developed under the country’s inaugural Battery Energy Storage System (MyBeST) program and overseen by the Energy Commission (Suruhanjaya Tenaga), is expected to strengthen grid reliability and flexibility while supporting the integration of higher shares of renewable energy.

“Financial close of this project under the inaugural MyBeST program marks a significant milestone for Blueleaf Energy and our partners, and demonstrates our ability to originate, finance and execute complex renewable energy infrastructure across Asia in a timely manner,” said Raghuram Natarajan, CEO of Blueleaf Energy.

Datuk Ir. Raj Kumar R Gopal Pillai, CEO of Universal Peak, said, “This financial milestone brings us one step closer to putting world-class energy storage on the ground in Malaysia. Universal Peak is thrilled to partner with Blueleaf Energy and UOB to fortify grid reliability and accelerate the country’s carbon-neutral future.”

Frederick Chin, Head of Group Wholesale Banking and Markets, UOB, said, “Our partnership with Blueleaf Energy and Universal Peak on this transformative project demonstrates how strategic collaboration can mobilize capital at scale. At UOB, we are committed to connecting capital, expertise and partnerships to help our clients unlock sustainable growth opportunities across ASEAN.”

Blueleaf Energy develops, finances, owns, and operates onshore solar, wind, and storage assets. Owned by a fund managed by Macquarie Asset Management, it operates in Southeast Asia, India, and Japan. The company currently has over 1.3 GWp of projects in operation or under construction, and a project pipeline that includes over 13 GWp of generation and approximately 7 GWh of storage assets in development.