Masdar inks deal for 10 GW renewables in Malaysia by 2035

Abu Dhabi Future Energy Company, or Masdar, has struck a deal to invest up to USD 8 billion (EUR 7.57bn) in the development of up to 10 GW of renewable energy projects in Malaysia by 2035.

A Memorandum of Understanding (MoU) was signed with the Malaysian Investment Development Authority (MIDA), the government's principal agency overseeing investment in the Southeast Asian country, which will facilitate the development of the projects.

Under the plan, Masdar will install ground-mounted, rooftop and floating solar plants, onshore wind farms and battery energy storage systems.

The signing ceremony was attended by Malaysia's prime minister Anwar Ibrahim and UAE's industry minister Sultan Al-Jaber.

"Ahead of the UAE hosting COP 28 UAE, this strategic alliance demonstrates Masdar’s market expansion in Southeast Asia and commitment to support Malaysia’s NetZero goals," Masdar said on Sunday.

The deal with MIDA comes on the heels of a memorandum of understanding (MoU) that Masdar signed with Malaysia-based investment holding company Citaglobal Bhd in July for the potential deployment of 2 GW of solar, wind and battery storage capacity in the country.

At the end of September, Masdar agreed to a 500-MW expansion of the Cirata project in West Java, Indonesia -- the largest floating solar plant in the Association of Southeast Asian Nations (ASEAN).

Choose your newsletter by Renewables Now. Join for free!