Blueleaf Energy and Universal Peak have closed financing for a 100MW/400MWh battery storage project, one of four winning bids in a Malaysian government tender. The joint venture partners announced the financial close on 1 September, putting the utility-scale battery energy storage system on track for scheduled commissioning in mid-2027. Financial terms were not disclosed, though the transaction was closed with major Singaporean bank UOB and marked by a formal signing ceremony in Singapore.
The project was selected in the inaugural Malaysia Battery Energy Storage System competitive solicitation, launched in November 2024 by the country's Energy Commission. Three further projects of equal size were also chosen, for a total of 400MW/1,600MWh to be deployed at strategic locations in Peninsular Malaysia. The initiative aligns with Malaysia's National Energy Transition Roadmap, which targets 70% installed renewable energy capacity and net-zero emissions by 2050. Blueleaf Energy is a pan-Asian renewable energy development platform owned by a fund managed by Macquarie Asset Management, while Universal Peak is a Malaysian company specialised in energy and power infrastructure engineering services.
The joint venture, BKHM BESS, signed a battery energy storage system service agreement and connection agreement with state-owned Tenaga Nasional Berhad in June. The service agreement establishes the principal commercial framework for TNB's Single Buyer department as off-taker, governing capacity and related services in a similar way to a power purchase agreement. Required metrics include system availability, dispatch commitments and performance obligations. The connection agreement defines the technical interface with the TNB grid system operator, covering interconnection compliance, protection systems, metering, SCADA integration and operational coordination.
What remains unknown is the project's total cost, debt-to-equity structure, and the specific financing terms agreed with UOB. The dossier also does not identify the other three winning bidders or their project locations. While Malaysia's first grid-scale BESS was deployed in late 2025 in Sabah, and TNB inaugurated its first BESS project in May, the evidence does not clarify how this tender-winning project will interact with the government's July solicitation for 2.5GW of solar PV co-located with 1.25GW of battery storage in the south of the Peninsula.