Masdar has signed a memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to channel a substantial investment of $8 billion into the development of up to 10GW of renewable energy projects in Malaysia.
Under the terms of this agreement, MIDA will actively support and facilitate Masdar's efforts to execute these renewable energy initiatives by the year 2035. The comprehensive portfolio of projects encompasses ground-mounted, rooftop, and floating solar power plants, onshore wind farms, and cutting-edge battery energy storage systems.
The MoU, a significant step towards bolstering Malaysia's renewable energy landscape, was officially signed by two prominent figures in the field: Mohamed Jameel Al Ramahi, Chief Executive of Masdar, and Datuk Wira Arham Abdul Rahman, Chief Executive of MIDA.
Al Ramahi expressed Masdar's commitment to contributing to Malaysia's ambitious goal of achieving 70% renewable energy installed capacity and net-zero emissions by 2050. He emphasized Masdar's wealth of experience in successfully commercializing and deploying renewable and clean energy projects worldwide, adding, “We will bring all our expertise in delivering robust projects, utilizing cutting-edge technologies, and generating much-needed energy efficiently to advance Malaysia's renewable energy goals.”
Rahman, in turn, highlighted the significance of the partnership in realizing Malaysia's sustainable energy aspirations. He underlined MIDA's unwavering dedication to driving positive change and embracing the transition towards a greener, more sustainable future. Rahman also pointed out MIDA's proactive engagement with industry partners in the country, aiming to foster innovation and cultivate solutions that effectively reduce carbon emissions. He concluded by recognizing the growing importance of renewable energy sources and their role in shaping a more sustainable and environmentally conscious future.
