Citaglobal, FEC inks MoU to develop 2GW clean energy in Pahang
27 Jul 2023
Citaglobal Bhd and Abu Dhabi Future Energy Company PJSC (FEC) signed a memorandum of understanding (MoU) to jointly develop renewable energy projects across solar, battery energy storage system (BESS), wind and other energy technologies.
Under the MoU, Citaglobal and FEC will jointly develop projects across the renewable energy mix in Pahang.
Citaglobal executive chairman and president Tan Sri (Dr) Mohamad Norza Zakaria said over the past decade, FEC has pioneered commercially viable solutions in clean energy, sustainable real estate and clean technology in the United Arab Emirates (UAE) and worldwide.
“By collaborating with a leading energy transition player, we will make faster progress towards our climate targets, besides building our long-term energy requirements in a responsible and cost-efficient manner,” he said in a statement filed to Bursa Malaysia.NextStay
Citaglobal’s wholly owned subsidiaries involved in this deal include Citaglobal Energy Sdn Bhd, Citaglobal Powergen Sdn Bhd and its 50:50 joint control company, Citaglobal Genetec BESS Sdn Bhd.
The MoU was signed in Malaysia by Mohamad Norza and FEC head of development and investment Abdulla Zayed and was witnessed by the Investment, Trade and Industry minister Datuk Seri Utama Tengku Zafrul Aziz and UAE Ambassador to Malaysia Khalid Ghanim Mohammed Alghaith.
FEC is an investment vehicle of the government of Abu Dhabi owned by Mubadala Investment Company, Abu Dhabi National Oil Company (ADNOC) Group and Abu Dhabi National Energy Company (TAQA).
Together, they are mandated to generate sustainable economic benefits for Abu Dhabi through the developments related to renewable energy and green hydrogen in partnership with local, regional and international investors.
Today, FEC is active in more than 40 countries across six continents and has invested in or committed to investing in projects with a combined value of over US$30 billion, with a total capacity of over 20 gigawatts (GW), and can offset 30 million tonnes of carbon emissions annually.
FEC chief executive officer Mohamed Jameel Al Ramahi said the company looks forward to pioneering energy solutions to reduce emissions in Malaysia and the region.
“As the UAE looks ahead to hosting the 2023 United Nations Climate Change Conference later this year, FEC is proud to be working with partners to advance clean energy solutions around the world.
“Southeast Asia is a key investment destination for FEC. 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, the UAE’s clean energy powerhouse entered the geothermal energy sector through a strategic investment in Indonesia’s Pertamina Geothermal Energy,” added Mohamed Jameel.
The purpose of the MoU is to formalise the intention of the parties to discuss the potential further areas of collaboration comprising renewable energy projects concerning solar photovoltaic (PV), BESS, hydro, wind, waste to energy, heat to energy and carbon capture and utilisation.
With Malaysia targeting net-zero emissions by 2050, the MoU will also facilitate the potential collaboration between FEC and Citaglobal related to technology solutions and equipment supply outside of Malaysia, focusing on Central Asia.
The execution of this MoU will enable Citaglobal to improve and strengthen the development of a 2GW solar farm in Pahang that will cater to the local and export renewable energy markets.
This MoU is effective immediately from the date of execution and will be for two years.