Energy

Malakoff and Masdar ink deal to develop solar PV project in Malaysia

Masdar said it had also recently signed a MoU for the development of 10,000MW worth of projects in Malaysia

The development of a solar photovoltaic power plant with a targeted aggregate capacity of up to 1,000MW is set to take shape in Malaysia, following the signing of a deal between Malakoff Corporation and Abu Dhabi Future Energy Company (Masdar). The deal also outlined the research and development of other renewable energy projects in the region.

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 COP28.

The agreement stipulates that both parties will jointly conduct technical and commercial assessments and/or pre-feasibility studies on specific projects that have been identified. The firms 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, the collaboration aims to significantly enhance Malakoff’s renewable energy portfolio, which is said to align with their unwavering commitment to sustainability and strategically leveraging expertise from both parties for mutual growth and success, said a report.

On the strategic collaboration, Abdul Ajib said it is timely when looking at the critical need for sustainable energy solutions amidst climate challenges. He stated, “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.”

The move is also said to underscore Malakoff’s corporate commitment to making meaningful contributions toward addressing the urgent global imperative for sustainability.

Masdar said it had also recently signed a MoU with Malaysian Investment Development Authority (MIDA), for the development of 10,000MW worth of projects in Malaysia at an investment of $8bn.

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 151MW of renewable energy generating capacity under its portfolio consisting of projects acquired for large scale solar, rooftop solar and small hydro power generation, the report concluded.

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