Malakoff Corporation Berhad has formalized a Heads of Agreement (HOA) with Abu Dhabi Future Energy Company PJSC-Masdar to explore potential business opportunities through the investment and development of solar photovoltaic power plant projects, targeting a combined capacity of up to 1,000 MW. The collaboration extends to investigating other Renewable Energy (RE) projects within Peninsular Malaysia.
The HOA signing, held during the 28th meeting of the Conference of the Parties to the UNFCCC or COP28 in Dubai involved Malakoff’s Managing Director and Group Chief Executive Officer, Encik Anwar Syahrin Abdul Ajib and Masdar’s Chief Executive Officer Mohamed Jameel Al Ramahi.
Masdar, known for its clean energy initiatives, has been at the forefront of the global energy transition with investments in RE projects across 40 countries. Notably, it recently signed an MoU with the Malaysian Investment Development Authority (MIDA) for a USD 8 billion investment in a 10,000 MW RE project in Malaysia.
Encik Anwar Syahrin Abdul Ajib highlighted the collaboration’s significance in addressing climate challenges and contributing to Malaysia’s Net-Zero 2050 objective. He emphasized the commitment to prioritize solar plant development, leveraging available landbanks and government frameworks to expedite the transition to sustainable energy practices.
Masdar’s CEO Mohamed Jameel Al Ramahi expressed pride in supporting Malaysia’s RE ambitions and building its RE capacity, aligning with Net-Zero targets.