Abu Dhabi Future Energy Company PJSC – Masdar, the United Arab Emirates (UAE)’s clean energy powerhouse plans to invest $8 billion in renewable energy projects in Malaysia.

The duo said in a statement on Tuesday that they have signed a Memorandum of Understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to develop up to 10 gigawatts (GW) of renewable energy projects in a strategic partnership that will significantly contribute to Malaysia’s sustainable energy transformation.

According to the statement, the collaboration marks an important milestone in the pursuit of a sustainable and greener future for Malaysia.

MIDA said it will facilitate Masdar to develop the renewable energy projects by 2035, to 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,” said Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate.

He said the projects further demonstrate Masdar’s and the UAE’s commitment to supporting countries across the world, decarbonising economies at home and abroad, for a just and inclusive energy transition.

Malaysia’s Ministry of Investment, Trade and Industry (MITI) Minister Zafrul Aziz said that it is imperative that the two countries further strengthen Malaysia-UAE bilateral ties and relationship across various industries to help them 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 recognised leadership in clean energy, low-carbon and nature-based solutions,

“This MIDA-Masdar collaboration is in perfect alignment with the objectives stipulated in our New Industrial Master Plan 2030 (NIMP 2030) and the National Energy Transition Roadmap (NETR) in achieving sustainability and energy security for Malaysia’s industrial transformation,” he said.

Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said that as a global clean energy pioneer with a proven track record in the commercialisation and deployment of renewable and clean energy projects, the firm is proud to play its part in helping Malaysia achieve its ambitious target of 70 percent renewable energy installed capacity and net-zero emissions by 2050.

“We will bring all our expertise in delivering robust projects, that utilise cutting-edge technologies and generate much needed energy efficiently, to advance Malaysia’s renewable energy goals,” he said.

MIDA Chief Executive Officer Arham Abdul Rahman, said that the partnership with Masdar represents a pivotal stride in realizing Malaysia’s sustainable energy aspirations.

He said the partnerships underscore the agency’s 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,” he said.

Established in 2006, Masdar is a firm advancing the development and deployment of renewable energy and green hydrogen technologies.

The firm is active in more than 40 countries with a total electricity generation capacity of more than 20GW.

It has invested, or committed to invest, in worldwide projects with a combined value of more than $30 billion with ambitious growth plans to reach 100GW and 1 million tonnes of green hydrogen by 2030.

The firm is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA).

Malaysia’s TNB partners Laos’s EDL to boost cross-border renewable energy trade