UAE’s Masdar commits $8bn to boost Malaysia’s renewable energy sector
The UAE’s clean energy trailblazer, Abu Dhabi Future Energy Company PJSC (Masdar), and the Malaysian Investment Development Authority (MIDA), have inked a landmark Memorandum of Understanding (MoU) to propel Malaysia’s clean energy journey. With an investment of $8 billion, the strategic partnership targets the development of up to 10 gigawatts (GW) of renewable energy projects, signifying a monumental leap towards Malaysia’s sustainable energy transformation.
This alliance promises a sustainable footprint for Malaysia with plans to roll out ground mounted, rooftop, and floating solar power facilities, onshore wind farms, and cutting-edge battery energy storage systems by 2035.
Gracing the signing ceremony were luminaries such as the Prime Minister of Malaysia, The Honorable Dato’ Seri Anwar Ibrahim; HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar; along with other prominent figures from both countries. Mohamed Jameel Al Ramahi, CEO of Masdar, and Datuk Wira Arham Abdul Rahman, CEO of MIDA, were the signatories of this pivotal agreement.
Landmark MoU between Masdar and MIDA sets stage for 10GW renewable projects in Malaysia. Photo courtesy of MASDAR.
Dr Sultan Al Jaber emphasized, “Ahead of the UAE hosting COP28, this agreement marks a deeper bond between the UAE and Malaysia in renewable energy development. Masdar and the UAE remain staunch in their commitment to aiding global decarbonization efforts and supporting an inclusive energy transition.”
Echoing the sentiment, HE Senator Tengku Datuk Seri Utama Zafrul Aziz, Malaysia’s MITI Minister, praised Masdar’s exemplary leadership in sustainability and welcomed the massive $8 billion investment for a sustainable energy transformation in line with Malaysia’s National Energy Transition Roadmap and New Industrial Master Plan 2030.
Mohamed Jameel Al Ramahi, CEO of Masdar, conveyed, “Masdar is poised to assist Malaysia in reaching its commendable 70 percent renewable energy capacity and net-zero emissions target by 2050, bringing our robust experience in advanced clean energy projects to the forefront.”
Datuk Wira Arham Abdul Rahman, CEO of MIDA, noted, “Our synergy with Masdar is a significant stride towards Malaysia’s green energy vision. At MIDA, we’re dedicated to forging paths that reduce carbon footprints, focusing on the current and future renewable energy significance.”
Having its inception in 2006, Masdar boasts a presence in over 40 countries and a massive electricity generation capacity exceeding 20GW. With investments surpassing USD30 billion globally, Masdar envisions reaching a staggering 100GW and producing 1 million tonnes of green hydrogen by 2030.