UAE power company Masdar has signed a memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to develop up to 10GW of renewable energy projects, including ground-mounted, rooftop and floating solar.
MIDA said Masdar aims to commission the projects by 2035. In addition to solar projects, Masdar will also help build wind farms and battery energy storage systems in the southeast Asian country. The groups plan to invest US$8 billion into the project.
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“This MIDA-Masdar collaboration is in perfect alignment with the objectives stipulated in our New Industrial Master Plan (NIMP) 2030 and the National Energy Transition Roadmap in achieving sustainability and energy security for Malaysia’s industrial transformation,” said minister of investment, trade and industry Tengku Datuk Seri Utama Zafrul Aziz.
According to Malaysia’s ministry of investment, trade and industry, the NIMP 2030 is an industrial policy to expand and modernise the manufacturing and manufacturing-related services sectors. The project follows earlier generations of the scheme, implemented between 1986-1995, 1996-2005 and 2006-2020, and could help the country decarbonise its manufacturing sector.
Malaysia plans to achieve net zero emissions as early as 2050 and decarbonise Malaysia’s industries through the implementation of energy efficiency and waste management measures, rapid renewable energy and technology adoption and robust regulatory frameworks.
The NIMP 2030 also aims to enhance the adoption scheme for energy efficiency or renewable energy, and accelerate the availability and accessibility of renewable energy sources for the industry.
“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, chairman of Masdar.
In September, Masdar also expanded its business in Southeast Asia as it signed an agreement to expand the capacity of the 145MW Cirata floating solar (FPV) project in Indonesia to up to 500MW. This second phase of the project will likely treble the total capacity at the facility, which is already southeast Asia’s largest FPV plant.