Abu Dhabi’s renewable energy firm Masdar has signed a new deal with Malaysia to invest $8 billion in renewable energy projects.
The memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) aims at the development of facilities with renewable energy capacity of up to 10 gigawatts in Malaysia by 2035. The projects will include ground-mounted and rooftop solar, floating solar, power plants, onshore wind farms and battery energy storage systems. As per the statement, the projects are envisioned to significantly contribute to the Asian country’s sustainable energy transformation efforts.
“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 Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President Designate.
Senator Tengku Datuk Seri Utama Zafrul Aziz, the MITI Minister 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. The UAE – particularly through Masdar – has set a commendable example in its national pursuit of sustainability, with its recognized leadership in clean energy, low-carbon and nature-based solutions. As such, we welcome Masdar’s potential investment of up to USD8 billion, with a capacity of up to 10GW in Malaysia’s renewable energy sector. 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.”
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, added “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 percent renewable energy installed capacity and net-zero emissions by 2050. We will bring all our expertise in delivering robust projects, that utilize cutting-edge technologies and generate much needed energy efficiently, to advance Malaysia’s renewable energy goals.”
Datuk Wira Arham Abdul Rahman, the Chief Executive Officer of MIDA, commented: “Our partnership with Masdar represents a pivotal stride in realizing 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 recognize the growing importance of renewable energy sources.”
It may be noted that Malaysia seeks to install 70% renewable energy capacity and achieve net-zero emissions by 2050.
