MASDAR, MIDA inks MOU to develop up to 10GB of RE projects
11 Oct 2023
Abu Dhabi Future Energy Company PJSC (Masdar), the United Arab Emirates (UAE) clean energy powerhouse is set to invest US$8 billion (US$1=RM4.72) for up to 10 gigawatts (GW) of renewable energy (RE) projects in Malaysia.
According to the Malaysian Investment Development Authority (MIDA), the company had signed a memorandum of understanding (MoU) with MIDA, forming a strategic partnership and marking an important milestone in the pursuit of a sustainable and greener future for Malaysia.
In a statement, MIDA said it would facilitate Masdar to develop the RE projects, which include ground-mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the UAE — through Masdar — has set a commendable example in its national pursuit of sustainability, with its recognised leadership in clean energy, low-carbon and nature-based solutions.
“This MIDA-Masdar collaboration is perfectly aligned with the objectives of the New Industrial Master Plan 2030 and the National Energy Transition Roadmap (NETR) in achieving sustainability and energy security for Malaysia’s industrial transformation,“ he said.
MIDA chief executive officer (CEO) Datuk Arham Abdul Rahman said the partnership underscores its commitment to driving positive change and embracing a greener, more sustainable future.
“MIDA has proactively and enthusiastically engaged with industry partners in the country to foster innovation and cultivate solutions that are aimed at reducing carbon emissions,” he said.
Meanwhile, Masdar’s CEO Mohamed Jameel Al Ramahi said Masdar is proud to play its part in helping Malaysia achieve its ambitious target of 70 per cent RE installed capacity and net-zero emissions by 2050.
“As a global clean energy pioneer with a proven track record in the commercialisation and deployment of renewable and clean energy projects, Masdar is proud to play its part in helping Malaysia achieve its ambitious targets.
“We will bring all our expertise in delivering robust projects that utilise cutting-edge technologies and generate much-needed energy efficiently to advance Malaysia’s RE goals,“ he said.
Established in 2006, Masdar is active in over 40 countries and has invested, or committed to invest in worldwide projects with a combined value of more than US$30 billion.