Through the collaboration, MIDA intends to support the Abu Dhabi-based renewable energy company to establish clean energy projects, which would include ground mounted, rooftop, and floating solar power plants, onshore wind farms, and battery energy storage systems in the country by 2035
Masdar to develop 10GW of clean energy projects in Malaysia with $8bn investment. (Credit: MASDAR)
Abu Dhabi Future Energy (Masdar) has entered into a memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to invest $8bn to develop up to 10GW of renewable energy projects in Malaysia.
Through the collaboration, MIDA intends to support the Abu Dhabi-based renewable energy company to establish clean energy projects in the country by 2035.
The renewable energy portfolio will include ground mounted, rooftop, and floating solar power plants, onshore wind farms as well as battery energy storage systems.
Both parties aim to significantly contribute to Malaysia’s sustainable energy transformation through the collaboration.
MIDA CEO Datuk Wira Arham Abdul Rahman said: “Our partnership with Masdar represents a pivotal stride in realising Malaysia’s sustainable energy aspirations. It underscores our commitment to driving positive change and embracing the transition towards a greener, more sustainable future.
“MIDA has proactively and enthusiastically engaged with industry partners in the country to foster innovation and cultivate solutions that are aimed at reducing carbon emissions. Our efforts are not limited to the present; they extend into the future, as we recognise the growing importance of renewable energy sources.”
Masdar said that the partnership showcases the company’s market expansion in Southeast Asia and commitment to supporting the net-zero goals of Malaysia.
The company, which is active in over 40 countries, has a total electricity generation capacity of more than 20GW. Besides, it intends to reach 100GW and one million tonnes of green hydrogen by the end of this decade.
Masdar CEO Mohamed Jameel Al Ramahi said “As a global clean energy pioneer with a proven track record in the commercialisation and deployment of renewable and clean energy projects, Masdar is proud to play our part in helping Malaysia achieve its ambitious target of 70 percent renewable energy installed capacity and net-zero emissions by 2050.
“We will bring all our expertise in delivering robust projects, that utilise cutting-edge technologies and generate much needed energy efficiently, to advance Malaysia’s renewable energy goals.”
Last month, Masdar signed an agreement with PLN Nusantara Power (PLN NP), a subsidiary of Indonesia’s state electricity company PT PLN (Persero), to develop phase II of the 145MW Cirata floating photovoltaic (PV) power plant in Indonesia.