Abu Dhabi, UAE – Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy powerhouse will invest US$8 billion in Malaysia to develop up to 10 gigawatts (GW) of renewable energy projects by 2035.
To this end, Masdar signed an MoU with Malaysian Investment Development Authority (MIDA).
The project will include ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems.
“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,” Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said. “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 MalaysianSenator Tengku Datuk Seri Utama Zafrul Aziz, said the project will further strengthen Malaysia-UAE bilateral ties and relationship across various industries to help us navigate global uncertainties and identify opportunities that are of mutual benefit to both nations.
“The UAE – particularly through Masdar – has set a commendable example in its national pursuit of sustainability, with its recognized leadership in clean energy, low-carbon and nature-based solutions,” the senator said. “This MIDA-Masdar collaboration is in perfect alignment with the objectives stipulated in our New Industrial Master Plan 2030 and the National Energy Transition Roadmap in achieving sustainability and energy security for Malaysia’s industrial transformation.”
Established in 2006, Masdar is active in more than 40 countries with a total electricity generation capacity of more than 20GW. It has invested, or committed to invest, a combined value of more than US$30 billion in worldwide projects with ambitious growth plans to reach 100GW and 1 million tonnes of green hydrogen by 2030.