Masdar signs agreements for up to 8 GW of renewables in Malaysia

UAE President, Sheikh Mohamed bin Zayed Al Nahyan; King of Malaysia, Al-Sultan Abdullah Sultan Ahmad Shah; Citaglobal Executive Chairman and President, Tan Sri Mohamad Norza Zakaria; and Chief Executive Officer of Masdar, Mohamed Jameel Al Ramahi. Image by Masdar.

At COP28 in Dubai, Abu Dhabi Future Energy Company PJSC, or Masdar, has signed an implementation roadmap with the Malaysian Investment Development Authority (MIDA) to advance the development of up to 10 GW of renewable energy projects in Malaysia.

This follows the signing of a memorandum of understanding (MoU) between the parties in October and opened the way for the executing at COP28 of five agreements with different counterparties for the development of up to 8 GW of renewables in the Southeast Asian country.

According to the announcement, the five deals include a joint development agreement with Malaysia-based investment holding company Citaglobal Bhd and Tiza Global, which is a major Citaglobal shareholder, for 2 GW of solar plants, as well as a MoU with Citaglobal and TNB Renewables, a subsidiary of Malaysia’s national utility company Tenaga Nasional Bhd (TNB), to develop 2 GW of renewable energy projects. The agreements further include a collaboration with Tadau Energy and PSK to develop 2 GW of wind power, a strategic MoU with Cypark Resources Bhd for up to 1 GW of renewable energy projects, and heads of agreement with Malakoff to develop solar projects totalling up to 1 GW.

“As we begin COP28, Masdar is spearheading the UAE’s endeavors to help achieve a just and inclusive energy transition for countries around the world. The signing of this implementation roadmap represents an important progression in the partnership between the UAE and Malaysia in the development of renewable energy projects,” commented Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, chairman of Masdar and COP28 President.

The news is part of a slew of renewable energy announcements by Masdar at COP28.

In stock exchange statements, Citaglobal explains that the joint development agreement follows a MoU with Masdar and refers to the development of up to 2 GW of ground-mounted solar, floating solar and battery energy storage in the state of Pahang, which it calls Project 2GW. The company also says that TNB Renewables has expressed interest in joining the Masdar, Citaglobal and TIZA Global consortium for Project 2GW and future renewable energy projects.

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