Abu Dhabi-based energy major Masdar signed a Memorandum of Understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to invest $8 billion for up to 10 gigawatts (GW) of renewable energy projects.
The agreement is part of a strategic partnership that will significantly contribute to Malaysia’s sustainable energy transformation.
The collaboration marks an important milestone in the pursuit of a sustainable and greener future for Malaysia.
MIDA will facilitate Masdar to develop up to 10 gigawatts (GW) of renewable energy projects which will include ground-mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems by 2035.
The MoU was signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Datuk Wira Arham Abdul Rahman, Chief Executive Officer of MIDA.
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said the important agreement will see the UAE and Malaysia deepen their partnership in the development of renewable energy, directly supporting the nation’s National Energy Transition Roadmap.
“Ahead of the UAE hosting COP28, it further demonstrates Masdar’s and the UAE’s commitment to supporting countries across the world, decarbonising economies at home and abroad, for a just and inclusive energy transition,” Al Jaber said.
Senator Tengku Datuk Seri Utama Zafrul Aziz, the MITI Minister said, “It is imperative that we further strengthen Malaysia-UAE bilateral ties and relationships across various industries to help us navigate global uncertainties and identify opportunities that are of mutual benefit to both nations.”
Chief Executive Officer Mohamed Jameel Al Ramahi said the company will bring all its expertise in delivering robust projects that utilise cutting-edge technologies and generate much-needed energy efficiently, to advance Malaysia’s renewable energy goals.
Masdar’s green energy ambitions soar
Established in 2006, the renewable energy company is active in more than 40 countries with a total electricity generation capacity of more than 20GW.
It has invested, or committed to invest, in worldwide projects with a combined value of more than $30 billion with ambitious growth plans to reach 100GW and 1 million tonnes of green hydrogen by 2030.
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