One of the world’s leading renewable energy company, Masdar is expecting a significant growth of its renewable energy over the next five years to come from South-East Asia and Central Asia, as it plans new projects to double capacity.
As per the reports, the Abu-Dhabi-based company seeks opportunities to develop new projects in Malaysia, Vietnam, Indonesia, and Taiwan. Further, it describes new initiatives in Uzbekistan, Kazakhstan, Azerbaijan, and Armenia.
“Masdar is now a global energy developer and we have an ambitious plan to grow our business further. South-East Asia is an interesting market, and the growth of their economies is high and they have also started focusing on renewable energy targets. They are becoming active in that field and facilitating [a] proper regulatory environment to embody the development of renewable energy projects. We think that there is a good opportunity for us to benefit from this environment and grow further.”
The energy company and Malaysia’s Petronas have signed a deal earlier this month to explore renewable energy opportunities in Asia, with a focus on Taiwan, Vietnam, and Malaysia.
Last year, it has made a $100 million investment in Indonesia to build the country’s first floating solar photovoltaic plant. The 145-megawatt project is being built in West Java’s Cirata reservoir.
“In Central Asia, the company is “extremely active” and is participating in several bidding opportunities in Uzbekistan and other countries,” said Mr. Al Muharrami.
The company is building two clean energy projects in Uzbekistan, a 500MW utility-scale wind project, and a $100m 100MW solar plant in the Zarafshon district of the Navoi region.
The company has signed a memorandum of understanding with Kazakhstan’s sovereign wealth fund, Samruk-Kazyna, to develop a 1-gigawatt renewable energy project and is “also discussing with some other countries as well.”
Masdar, which is owned by Mubadala Investment Company, currently operates in over 30 countries and has a total investment of $19.9 billion. The clean energy firm intends to double its renewable energy capacity from 10.7 gigawatts to 20 gigawatts in the next five years.
It has signed an agreement with France’s EDF Renewables in January to “collaborate on existing renewable energy projects and projects under development, while also exploring joint participation in new programs announced by the government of Israel.”
In Saudi Arabia, Masdar is developing the 400MW Dumat Al Jandal wind project and 300MW Jeddah solar plant. “We will continue to be active in Saudi Arabia and it is an important strategic market for us,” commented Mr. Al Muharrami.
Meanwhile, construction on the 2-gigawatt Al Dhafra solar plant in Abu Dhabi, which will be the biggest in the world when completed, has started and is “going to take a year and a half or so until the project is complete,” as per the reports.
The project is being developed by EDF Renewables, China’s JinkoPower, and Abu Dhabi National Energy Company, or Taqa. The plant is expected to be fully operational in 2022, with enough electricity to power approximately 160,000 homes across the UAE.