Abu Dhabi-based clean energy firm Masdar will develop 10 gigawatts of renewable energy projects in Malaysia by signing an implementation roadmap.
These projects encompass various renewable energy sources, including ground-mounted and rooftop solar power installations, floating solar plants, onshore wind farms, and battery energy storage systems.
Dr. Sultan Al Jaber, President of Cop28 and Chairman of Masdar, highlighted the UAE’s commitment to facilitating a just and inclusive global energy transition.
He emphasized the importance of the roadmap as it strengthens the partnership between the UAE and Malaysia in renewable energy development.
This roadmap is a part of an $8 billion renewable energy agreement between Masdar and the Malaysian Investment Development Authority (Mida), inked in October.
Masdar’s ambitious goal is to expand its renewable energy capacity to at least 100 gigawatts by the end of this decade and produce one million tonnes of green hydrogen annually by 2030.
Wira Rahman, CEO of Mida, stressed that the collaboration with Masdar is a significant step toward realizing Malaysia’s sustainable energy ambitions, aligning with the government’s commitment to achieving the Sustainable Development Goals 2030 and embracing a net-zero vision for 2050.
Malaysia has set ambitious targets for renewable energy, aiming to have renewables supply 31% of its power by 2025, increasing to 40% by 2035, and ultimately reaching 70% by 2050.
Transitioning to renewables is expected to yield substantial cost savings for Malaysia, potentially ranging from $9 billion to $13 billion annually by 2050, as per the International Renewable Energy Agency.
Masdar views Southeast Asia as a key investment market and has already undertaken projects such as the Cirata Floating solar plant in Indonesia, the region’s largest floating solar facility.
Furthermore, the company recently entered the geothermal energy sector through an investment in Indonesia’s Pertamina Geothermal Energy.
Masdar is actively exploring transformative acquisitions to expand its presence in the United States and Europe while considering opportunities to support smaller renewable energy developers.
