UAE clean energy firm Masdar, also known as Abu Dhabi Future Energy Company, has partnered with the Malaysian Investment Development Authority (MIDA) to invest $8bn for up to 10 gigawatts (GW) of renewable energy projects in the Southeast Asian country.
The partnership marks an important milestone in the pursuit of a sustainable and greener future for Malaysia.
MIDA will support Masdar in developing up to 10GW clean energy projects by 2035 that include solar power plants, onshore wind farms and battery energy storage systems.
“This important agreement will see the UAE and Malaysia deepen our partnership in the development of renewable energy, directly supporting the nation’s National Energy Transition Roadmap,” said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, chairman of Masdar and COP28 President-Designate.
“Ahead of 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.”
Malaysia’s Minister of International Trade and Industry Tengku Zafrul Aziz, said, “It is imperative that we further strengthen Malaysia-UAE bilateral ties and relationship across various industries to help us navigate global uncertainties and identify opportunities that are of mutual benefit to both nations.
“This MIDA-Masdar collaboration is in perfect alignment with the objectives stipulated in our New Industrial Master Plan 2030 and the National Energy Transition Roadmap in achieving sustainability and energy security for Malaysia’s industrial transformation.”
Founded in 2006, Masdar 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 $30bn with ambitious growth plans to reach 100GW and one million tonnes of green hydrogen by 2030.
“As a global clean energy pioneer with a proven track record in the commercialization and deployment of renewable and clean energy projects, Masdar is proud to play our part in helping Malaysia achieve its ambitious target of 70 per cent renewable energy installed capacity and net-zero emissions by 2050,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
Masdar accelerates energy transition in Malaysia
Meanwhile, Masdar and Citaglobal Berhad signed an MoU in July to jointly develop renewable energy projects across solar, battery energy storage systems, wind and other renewable energy technologies.
The two entities agreed to build the aforementioned projects across the renewable energy mix in Malaysia’s Pahang province. This includes exploring solar, battery energy storage systems, wind and other renewable energy technologies. The country is targeting net-zero emissions by 2050.
Southeast Asia is a key investment destination for Masdar. The company has developed the region’s largest floating solar facility in Indonesia – the 145MW Cirata Floating Solar PV plant – which will generate enough electricity to power 50,000 homes.
The UAE’s clean energy firm entered the geothermal energy sector through a strategic investment in Indonesia’s Pertamina Geothermal Energy in February.
Masdar opened an office in Jakarta, Indonesia, in 2021 to further strengthen links with key players within the region.
