Masdar has signed an agreement with Malaysian state-owned energy firm Petronas to explore the development of large-scale solar projects in Asia and the Middle East.
A new memorandum of understanding will see the two companies work together to participate in solar and wind opportunities for utilities as well as commercial and industrial customers, with a primary focus on the Asian market.
The partnership will also explore opportunities for the joint production of green hydrogen. Petronas said it is pursuing commercial production of green hydrogen “in the near future”.
Speaking of the tie-up, Petronas CEO Tengku Muhammad Taufik Tengku Aziz said: “We look forward to powering more businesses with cleaner energy solutions, leveraging on our respective geographical and technological strengths to bring more sustainable energy projects to fruition.”
For Masdar, the deal comes as it eyes opportunities to expand its clean energy portfolio in markets such as Malaysia, the Philippines, Thailand and Vietnam. The company is currently active in more than 30 countries and has an operational or under-development clean energy generating capacity of more than 10GW.
It recently established a joint venture (JV) with a subsidiary of Indonesia’s state electricity company PT PLN for the development of a 145MW floating solar project being constructed at a reservoir in Java. A Masdar executive recently told PV Tech that the company is looking to maintain its growth in Southeast Asia through the formation of other JVs.
Masdar CEO Mohamed Jameel Al Ramahi said the Petronas deal marks an “important step” in Masdar’s journey to expand its presence in Asia, where it sees “tremendous potential” given the region’s economic growth and renewable energy resources.
“We look forward to collaborating with Petronas, a world leader in the energy sector and a company committed to sustainable development, to meet the growing demand for renewable energy solutions across the region,” he said.
Recent developments in Southeast Asia’s PV market have seen Indian solar company Fourth Partner Energy create a JV that will develop commercial and industrial solar projects in Indonesia, while Sunseap Group and utility Tenaga Nasional Berhad recently announced a collaboration to transport renewable electricity from Malaysia to Singapore.