RIYADH: Malaysia’s energy transition is set to gain momentum with an $8 billion investment from UAE’s Masdar to develop up to 10 gigawatts of renewable projects in the Southeast Asian nation.
In a strategic partnership, the Malaysian Investment Development Authority inked a memorandum of understanding with the Emirati clean energy firm to develop these projects.
This will include ground-mounted, rooftop, and floating solar power plants, onshore wind farms, and battery energy storage systems, with a goal to complete them by 2035.
According to a statement by Masdar, the collaboration marks an important milestone in pursuing a sustainable and greener future for Malaysia.
The MoU was formally signed by Mohamed Jameel Al-Ramahi, CEO of Masdar, and Datuk Wira Arham Abdul Rahman, CEO of MIDA.
The event was attended by Malaysian Prime Minister Anwar Ibrahim and the UAE Minister of Industry and Advanced Technology, Sultan Al-Jaber, who also serves as the chairman of Masdar and holds the position of COP28 president-designate, as well as other senior dignitaries.
Al-Jaber underscored the significance of this agreement, emphasizing that it will strengthen the partnership between the UAE and Malaysia in the area of renewable energy, aligning with the objectives outlined in Malaysia’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,” he added.
Masdar CEO Al-Ramahi expressed pride in his company’s role in advancing Malaysia’s ambitious renewable energy objectives, particularly its target of achieving 70 percent renewable energy installed capacity and net-zero emissions by 2050.
“We will bring all our expertise in delivering robust projects, that utilize cutting-edge technologies and generate much-needed energy efficiently, to advance Malaysia’s renewable energy goals,” he said.
Meanwhile, the CEO of MIDA saw this partnership with Masdar as a significant leap toward realizing Malaysia’s aspirations for sustainable energy.
“It underscores our commitment to driving positive change and embracing the transition toward 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,” said Rahman.
He added that their efforts are not limited to the present but are also focusing on the future, with a firm belief in the growing importance of renewable energy sources.
