Masdar has forged an alliance via an MoU with the Malaysian Investment Development Authority (MIDA), under which Masdar has committed investment to the tune of US$8 billion investment to aid with the development of up to 10 gigawatts (GW) of renewable energy projects in Malaysia.
The project, slated for commissioning in 2035, includes a diverse range of renewable energy inititatives, such as ground-mounted, rooftop, and floating solar power installations. It will also encompass onshore wind farms as well as battery energy storage systems.
The signatories of the agreement were Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Datuk Wira Arham Abdul Rahman, Chief Executive Officer of MIDA.
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, remarked on the partnership between the two countries, “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.”
“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 10 GW 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,” Senator Tengku Datuk Seri Utama Zafrul Aziz, the MITI Minister remarked.
Malaysia has set sights on achieiving 70 percent renewable energy installed capacity and net-zero emissions by 2050 and the investment by Masdar will go a long way in supporting this ambitious plan of the island nation.
Masdar’s global energy capacity exceeds 20 GW.
