Masdar has signed a memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to invest US$8bn for up to 10GW of renewable energy projects in the country.
Under the agreement, MIDA will facilitate Masdar to develop up the renewable energy projects by 2035, to include ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems.
The MoU was signed by Mohamed Jameel Al Ramahi, chief executive of Masdar, and Datuk Wira Arham Abdul Rahman, chief executive of MIDA.
Al Ramahi said: “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 our part in helping Malaysia achieve its ambitious target of 70% 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.”
Rahman added: “Our partnership with Masdar represents a pivotal stride in realising Malaysia’s sustainable energy aspirations.
“It underscores our commitment to driving positive change and embracing the transition towards 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.
“Our efforts are not limited to the present; they extend into the future, as we recognise the growing importance of renewable energy sources.”