Masdar signs MoU with Malaysian Investment Development Authority

By Shilpa Annie Joseph, Official Reporter
  • Follow author on
Masdar signs MoU with MIDA
Officials during the signing ceremony | WAM

Abu Dhabi Future Energy Company – Masdar, the UAE’s clean energy powerhouse, has signed a Memorandum of Understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to invest $8 billion for up to 10 gigawatts (GW) of renewable energy projects.

This strategic partnership will significantly contribute to Malaysia’s sustainable energy transformation. The collaboration marks an important milestone in the pursuit of a sustainable and greener future for Malaysia.

MIDA will facilitate Masdar to develop up to 10 gigawatts (GW) of renewable energy projects by 2035, including ground-mounted, rooftop, and floating solar power plants, onshore wind farms, and battery energy storage systems.

Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said that, “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. 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.”

Senator Tengku Datuk Seri Utama Zafrul Aziz, the MITI Minister stated that, “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.”

Mr. Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, commented that, “As a global clean energy pioneer with a proven track record in the commercialization and deployment of renewable and clean energy projects, Masdar is proud to play our 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 utilize cutting-edge technologies and generate much-needed energy efficiently, to advance Malaysia’s renewable energy goals.”

Top Picks| Emirates Stallions Group launches its new arm ESG Hospitality