Abu Dhabi Future Energy Company, Masdar, has inked a groundbreaking Memorandum of Understanding (MoU) with the Malaysian Investment Development Authority (MIDA), pledging a colossal investment of $8 billion to develop up to 10 gigawatts (GW) of renewable energy projects.
In an effort to steer Malaysia towards a sustainable and environmentally-conscious future, the collaboration will encompass ground-mounted, rooftop, and floating solar power plants, onshore wind farms, and battery energy storage systems. This momentous agreement was graced by the presence of esteemed dignitaries, including Malaysia’s Prime Minister, Dato’ Seri Anwar Ibrahim, and Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President-Designate.
Sultan Al Jaber expressed the significance of this agreement, stating, “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.”
The Malaysian Minister of Investment, Trade and Industry (MITI), Tengku Datuk Seri Utama Zafrul Aziz, emphasized the necessity of strengthening bilateral ties to navigate global uncertainties and identify mutually beneficial opportunities. He welcomed Masdar’s substantial investment and highlighted its alignment with Malaysia’s sustainability objectives.
Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, expressed pride in assisting Malaysia in achieving its renewable energy goals, pledging to utilize their expertise in delivering robust projects utilizing cutting-edge technologies. Datuk Wira Arham Abdul Rahman, the Chief Executive Officer of MIDA, echoed this sentiment, emphasizing their commitment to a sustainable and greener future.
Masdar, a global clean energy pioneer, has consistently shown its commitment to sustainability, investing in projects worldwide with a combined value exceeding $30 billion and ambitious plans to reach 100GW and 1 million tonnes of green hydrogen by 2030. This venture with Malaysia is yet another stride toward a cleaner and greener future, setting the stage for a transformative shift in the nation’s energy landscape.