Masdar to Advance the Development of 10GW of Clean Energy Projects in Malaysia

Source: 12/1/2023, Location: Asia

In the presence of UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Majesty, Al-Sultan Abdullah Sultan Ahmad Shah, King of Malaysia, Abu Dhabi Future Energy Company PJSC Masdar, the UAE's clean energy powerhouse, has agreed an implementation roadmap to advance the development of 10GW of clean energy projects in Malaysia.

The implementation roadmap, signed with the Malaysian Investment Development Authority (MIDA) to develop up to 10GW of renewable energy projects, including ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems, follows the signing of a memorandum of understanding in October.

The agreement was exchanged between Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Datuk Wira Arham Abdul Rahman, Chief Executive Officer of MIDA - paving the way for five additional agreements to develop new solar and wind energy projects in Malaysia.

Together, these five deals will unlock up to 8GW of clean energy across the Southeast Asian nation:
- A joint development agreement for 2GW of solar plants with Citaglobal Berhad & Tiza Global in Malaysia
- A collaboration agreement with Tadau Energy and PSK to develop 2GW of wind power in Malaysia
- A Strategic Memorandum of Understanding with Cypark Resources Berhad for up to 1GW of renewable energy projects in Malaysia
- Heads of agreement with Malakoff to develop solar photovoltaic power projects development with a targeted aggregate capacity of up to 1GW
- Memorandum of Understanding with Citaglobal Berhad and TNB Renewables to develop 2GW of renewable energy projects

These agreements, signed at COP28, demonstrate Masdar's ongoing commitment to Malaysia and to supporting the country's ambitious target of 70 percent renewable energy installed capacity and net-zero emissions by 2050.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said: "As we begin COP28, Masdar is spearheading the UAE's endeavors to help achieve a just and inclusive energy transition for countries around the world. The signing of this implementation roadmap represents an important progression in the partnership between the UAE and Malaysia in the development of renewable energy projects."

Datuk Wira Arham Abdul Rahman, CEO of MIDA commented: "Our strategic collaboration with Masdar marks a significant stride towards the realization of Malaysia's sustainable energy ambitions. It reflects our dedication to steering positive change and embracing the transition towards a more environmentally conscious and sustainable future. In close partnership with Masdar and key Malaysian companies committed to advancing Renewable Energy, MIDA has been actively fostering innovation and collaborative solutions to curtail carbon emissions. This aligns seamlessly with the Malaysian Government's resolute commitment to achieving the Sustainable Development Goals 2030 and embracing the Net Zero 2050 vision.

"Our efforts extend beyond the present, acknowledging the escalating significance of renewable energy sources in Malaysia. This Implementation Roadmap articulates MIDA's proactive initiatives and facilitation for our MOU partner, MASDAR, in delineating the targeted 10GW projects for Malaysia's sustainable energy landscape."

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, added: "Strategic partnerships have been at the core of Masdar's growth and development as a clean energy pioneer, deploying clean energy projects at scale at home and all around. These latest partnerships with Malaysia are a testament to this proud legacy as a pioneer and partnership builder. Masdar looks forward to continuing to strengthen our partnership with Malaysia as we help it to unlock its clean energy potential and drive forward its energy transition."

Southeast Asia is a key investment destination for Masdar. In addition to its projects in Malaysia, 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. In February 2023, Masdar entered the geothermal energy sector through a strategic investment in Indonesia's Pertamina Geothermal Energy.

Established in 2006, Masdar has developed and partnered projects in over 40 countries with a total combined electricity generation capacity of more than 20GW. It has invested, or committed to invest, in worldwide projects with a combined value of more than US$30 billion with ambitious growth plans to reach 100GW and 1 million tonnes of green hydrogen by 2030.

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