Masdar is all set to invest US$8 billion for up to 10GW of renewable energy projects by 2035 in Malaysia.
The company has already inked a memorandum of understanding with the Malaysian Investment Development Authority (MIDA) for the same.
As per the agreement, MIDA will facilitate Masdar to develop the renewable energy projects including ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems.
Mohamed Jameel Al Ramahi, chief executive of Masdar, was quoted in a statement, "As a global clean energy pioneer with a proven track record in the commercialisation and deployment of renewable and clean energy projects. Masdar is proud to play our part in helping Malaysia achieve its ambitious target of 70% renewable energy installed capacity and net-zero emissions by 2050.”
Meanwhile, Datuk Wira Arham Abdul Rahman, chief executive of MIDA, remarked, "Our partnership with Masdar represents a pivotal stride in realising Malaysia's sustainable energy aspirations. It underscores our commitment to driving positive change and embracing the transition towards a greener, more sustainable future.”
The duo plans to foster innovation at reducing carbon emissions and boost the growing importance of renewable energy sources.