Bank Pembangunan Malaysia and Hartasuma Ropeways: Partnership for the new Penang Hill cable car project

Hartasuma is proud to announce the successful signing of a RM367.2 million (79 millin USD) financing agreement with Bank Pembangunan Malaysia Berhad (BPMB) for the Penang Hill Cable Car project.

The ceremony, witnessed by YAB Tuan Chow Kon Yeow, Chief Minister of Penang, marks a major step forward in realising this landmark initiative that will enhance sustainable access to Penang Hill while preserving its ecological integrity.

Notably, this financing marks BPMB’s first blended finance initiative under the National Energy Transition Facility (NETF) — a strategic government fund established to catalyse Malaysia’s shift to a low-carbon, climate-resilient economy.

• Reducing reliance on carbon-heavy transport options;

• Promoting low-emission, electrified mobility solutions;

• Supporting sustainable tourism infrastructure;

• Preserving environmentally sensitive zones through thoughtful engineering.

Speaking at the ceremony, our Executive Director, Tan Sri Ravindran Menon, reaffirmed Hartasuma’s commitment to delivering a world-class, energy-efficient cable car system that complements the existing funicular railway — not replaces it — and supports Penang’s long-term vision for green mobility and inclusive economic growth.

With nearly 500 job opportunities expected during construction and operation, the project is a model of how infrastructure, climate responsibility, and tourism can be integrated meaningfully. Completion is targeted for early 2027.

Hartasuma technology partner is Doppelmayr Group.