Masdar and MIDA to invest USD 8 bn for renewable energy ventures with a capacity of up to 10 GW
Masdar, a clean energy company based in the UAE, has inked a deal with the Malaysian Investment Development Authority (MIDA) to make a USD 8 billion investment into renewable energy projects, amassing a total capacity of up to ten gigawatts (GW). These projects encompass a range of renewable technologies, including ground-mounted and rooftop solar, floating solar, onshore wind, and battery energy storage systems, reflecting a significant stride in Malaysia's sustainable ambitions.
Earlier this month, Malaysia introduced its Hydrogen Economy & Technology Roadmap, emphasizing hydrogen's role as the foundation of the nation's future energy framework. This roadmap also sheds light on the country's aspirations to ensure a sustainable energy blend, advocating the incorporation of hydrogen in energy storage solutions and its application as fuel in combined cycle gas turbines. Malaysia's broader vision entails bolstering its domestic energy consumption, fortifying energy security, nurturing the sustainability of global energy trades, and advancing decarbonisation. To this end, the nation seeks intensified investments in hydrogen-centric technologies.
The collaboration with Masdar is in line with Malaysia's National Energy Transition Roadmap, which aspires to escalate its renewable capacity targets: from 40% by 2040 to an ambitious 70% by 2050.
Commenting on the development, Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and Chairman of Masdar, remarked on Masdar and UAE's commitment to assisting global nations in their decarbonisation journeys, especially as the UAE gears up to host COP28.
The UAE's Green Agenda – 2030 mirrors its comprehensive strategy to instate sustainable practices and render its economic activities more environmentally friendly. Key targets within this agenda include a projected 4-5% boost in GDP, an anticipated increase in exports, and a marked reduction in the nation's carbon emissions.
Malaysia's Minister of International Trade and Industry, Senator Tengku Datuk Seri Utama Zafrul Aziz, lauded the UAE's and especially Masdar's efforts in championing sustainability. He warmly welcomed the substantial potential investment destined for Malaysia's renewable sector. MIDA's CEO, Datuk Wira Arham Abdul Rahman, also expressed enthusiasm about this partnership, underlining MIDA's dedication to championing a sustainable future through collaboration and innovation.
Masdar, established in 2006, has set an ambitious goal to achieve a capacity of 100GW and produce one million tonnes of green hydrogen by 2030.
According to the article by Procurement Resource, UAE-based Masdar and Malaysia's MIDA have sealed a USD 8 billion agreement to initiate renewable energy projects with a combined capacity of 10GW. This move supports Malaysia's sustainable endeavors, encompassing technologies like rooftop solar, onshore wind, and battery storage. With the recent launch of Malaysia's Hydrogen Economy & Technology Roadmap, the nation emphasizes hydrogen's pivotal role in its energy future and aims for a renewable capacity of 70% by 2050. As the UAE prepares to host COP28, the nation projects growth in GDP and reductions in carbon emissions. Masdar, founded in 2006.
