United Arab Emirates (UAE) renewables developer Masdar has signed a memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to invest $8bn in up to 10GW of renewable energy projects in Malaysia.

Aided by MIDA, Masdar will develop the renewable energy capacity by 2035, the company said in a press statement. These projects will include ground mounted, rooftop and floating solar power plants as well as onshore wind farms and battery energy storage systems.

The MoU was signed by Masdar CEO Mohamed Jameel Al Ramahi and Datuk Wira Arham Abdul Rahman, CEO of MIDA.

Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, chairman of Masdar and CEO of Abu Dhabi oil major ADNOC, said of the partnership: “This… agreement will see the UAE and Malaysia deepen our partnership in the development of renewable energy, directly supporting the nation’s National Energy Transition Roadmap.

“Ahead of the UAE hosting COP28, it further demonstrates Masdar’s and the UAE’s commitment to supporting countries across the world, decarbonising economies at home and abroad, for a just and inclusive energy transition.”

Tengku Zafrul Aziz, Malaysia’s Minister of Investment, Trade and Industry, said: “It is imperative that we further strengthen Malaysia-UAE bilateral ties and relationship[s] across various industries to help us navigate global uncertainties and identify opportunities that are of mutual benefit to both nations.

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“We welcome Masdar’s potential investment of up to $8bn, with a capacity of up to 10GW in Malaysia’s renewable energy sector. This MIDA-Masdar collaboration is in perfect alignment with the objectives stipulated in our New Industrial Master Plan 2030 and the National Energy Transition Roadmap in achieving sustainability and energy security for Malaysia’s industrial transformation.”

Currently, Malaysia has a target to increase the renewables share in its energy mix to 70% by 2050, with a net-zero emissions target set for 2050.

Datuk Wira Arham Abdul Rahman said that the agency recognises the “growing importance” of renewable energy sources and is committed to the energy transition.

Masdar is currently active in more than 40 countries with a total electricity generation capacity of more than 20GW. It has invested, or committed to invest, in projects with a combined value of more than $30bn, with targets in place to reach 100GW of installed capacity and one million tonnes of green hydrogen by 2030.

The company’s global portfolio has grown rapidly in recent years. In 2023, is has agreed to develop several large-scale renewables projects in various countries. In January, it signed agreements with the governments of Angola, Uganda and Zambia to develop renewable energy projects with a combined capacity of up to 5GW. More recently, in May, it signed a joint development agreement with Uzbekistan’s Ministry of Energy and Ministry of Investments, Industry and Trade to develop 2GW of renewable energy capacity.