Renewable energy firm Masdar joined hands with Malaysian Investment Development Authority (MIDA), on Monday, which aims to transform Malaysia’s sustainable energy sector by investing $8 billion for up to 10 gigawatts (GW) of renewable sustainable projects.
The UAE-based company said to facilitate Masdar in undertaking the development of 10GW renewable projects by 2035, including ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems.
This deal was confirmed after Mohamed Jameel Al Ramahi chief executive of Masdar signed a memorandum of understanding (MoU) with Datuk Wira Arham Abdul Rahman, CEO of MIDA, said the company.
Dr Thani bin Ahmed Al Zeyoudi, foreign minister of UAE participated in UAE-Malaysia business roundtable along with Anwar Ibrahim prime minister of Malaysia, a week ago. The roundtable explored joint venture opportunities in sectors like energy clean energy, infrastructure, logistics and food security, reported Emirates News Agency.
Al Ramahi, said, “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.”
He continued to add, “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.”
Abdul Rahman stated, “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.”
