- Malaysia has set an agenda to install 70% renewable energy capacity and achieve net-zero emissions by 2050
- This deal will cover different verticals of renewable energy technologies
Masdar and Malaysia’s Investment Development Authority (MIDA) have signed a $8 billion memorandum of understanding (MoU) to fund renewable energy initiatives, solidifying their commitment to sustainable energy development.
This project aims to make facilities in Malaysia with a renewable energy capacity of up to 10 gigawatts by 2035.
This deal will cover different verticals of renewable energy technologies, such as ground-mounted and rooftop solar, floating solar, power plants, onshore wind farms, and battery energy storage systems. Implementing these projects will contribute majorly on Malaysia’s efforts in achieving sustainable energy transformation.
According to Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President Designate, the agreement will strengthen the UAE and Malaysia’s renewable energy development partnership while supporting Malaysia’s National Energy Transition Roadmap.
Malaysia has set an agenda to install 70% renewable energy capacity and achieve net-zero emissions by 2050. This agreement with Masdar will help Malaysia progress towards its renewable energy targets and establish itself as a leader in sustainable energy.
Masdar is a renewable energy company based in Abu Dhabi, United Arab Emirates. It was founded in 2006 as a subsidiary of the UAE state-owned Mubadala Investment Company and has developed and invested in renewable energy projects in 40 countries.