Malakoff in deal with Masdar to set up solar projects in Malaysia
DUBAI, December 5, 2023
Malakoff Corporation has inked a heads of agreement with Abu Dhabi Future Energy Company (Masdar) to identify potential business opportunities through investment and development of solar photovoltaic power plant project development with a targeted aggregate capacity of up to 1,000 MW, and explore other potential renewable energy projects located in Peninsular Malaysia.
Through this agreement, both parties will jointly conduct technical and commercial assessments and/or pre-feasibility studies on specific projects that have been identified.
The duo will also collaboratively handle the comprehensive tasks and activities involved in the project's development, implementation and management, including the structuring of financing funds.
In pursuit of a strategic two-phase implementation, this collaboration aims to significantly enhance Malakoff's renewable energy portfolio, aligning with their unwavering commitment to sustainability and strategically leveraging expertise from both parties for mutual growth and success.
The agreement was signed by Malakoff’s Managing Director and Group CEO Encik Anwar Syahrin Abdul Ajib and Masdar’s CEO Mohamed Jameel Al Ramahi at the COP28.
Masdar, a pioneer and powerhouse in clean energy, has positioned the UAE to be at the forefront of the global energy transition through its investment commitment to renewable energy projects in more than 40 countries.
Masdar had recently signed a MoU with Malaysian Investment Development Authority (MIDA) for the development of a 10,000 MW projects at an investment of $8 billion in Malaysia.
On the strategic collaboration, Abdul Ajib said it is timely when looking at the critical need for sustainable energy solutions amid climate challenges. "This collaboration stands as a testament to Malakoff's robust expansion in renewable energy aligning not only with the global call to action but also resonating with Malaysia's ambitious objective of achieving Net-Zero status by 2050," he stated.
It underscores Malakoff's unwavering corporate commitment to making meaningful contributions toward addressing the urgent global imperative for sustainability.
Al Ramahi said: "We are very proud to be strengthening our support for Malaysia’s renewable energy ambitions with this partnership. As a clean energy pioneer with over 17 years of experience in deploying renewable and clean energy projects at scale, we look forward to helping build Malaysia’s renewable energy capacity with this agreement in support of its Net-Zero targets."
To date, Malakoff holds a total of 151 MW of renewable energy generating capacity under its portfolio consisting of projects acquired for large scale solar, rooftop solar and small hydro power generation.-TradeArabia News Service
