United Arab Emirates clean energy developer Masdar has inked a memorandum of understanding with the Malaysian Investment Development Authority (MIDA) to invest $8 billion in up to 10 GW of renewable energy projects in Malaysia.
Wtih the support from MIDA, Masdar will develop the renewable energy capacity by 2035, the company said in a pressrelease. These projects will include ground mounted, rooftop and floating solar power plants, as well as onshore wind farms and battery energy storage systems.
Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, chairman of Masdar and CEO of Abu Dhabi oil major ADNOC, said “The agreement will see the UAE and Malaysia deepen partnership in the development of renewable energy, directly supporting the nation’s National Energy Transition Roadmap.”
Tengku Zafrul Aziz, Malaysia’s Minister of Investment, Trade and Industry, said “We welcome Masdar’s potential investment of up to $8 billion, with a capacity of up to 10 GW in our renewable energy sector. This collaboration is in perfect alignment with the objectives stipulated in our New Industrial Master Plan 2030 and the NETR in achieving sustainability and energy security for Malaysia’s industrial transformation.”
Malaysia has a goal to increase the renewables share in its energy mix to 70% by 2050, with a net-zero emissions target set for 2050.
Datuk Wira Arham Abdul Rahman, MIDA’s CEO, said that the agency recognizes the “growing importance” of renewable energy sources and is committed to the energy transition.
Currently, Masdar is active in more than 40 countries with a total electricity generation capacity of over 20 GW. It has invested, or committed to invest, in projects with a combined value of more than $30 billion, with targets in place to reach 100 GW of installed capacity and one million tonnes of green hydrogen by 2030.