Masdar Signs MoU with Malaysia to Develop up to 10GW of Renewable Energy Projects
Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed a Memorandum of Understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to invest US$8 billion for up to 10 gigawatts (GW) of renewable energy projects in Malaysia.
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 by 2035, to include ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems.
The signing was witnessed by the Prime Minister of Malaysia, The Honorable Dato’ Seri Anwar Ibrahim; HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate; HE Ahmed bin Ali Al Sayegh, UAE Minister of State, among others.
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.
HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said: “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.
"Ahead of the UAE hosting COP28, it further demonstrates Masdar’s and the UAE’s commitment to supporting countries across the world, decarbonizing economies at home and abroad, for a just and inclusive energy transition.”
HE 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."
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.”
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."
Established 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 USD30 billion with ambitious growth plans to reach 100GW and 1 million tonnes of green hydrogen by 2030.