UAE to help Malaysia establish 10 GW renewable energy capacity worth $8 billion

Abu Dhabi Future Energy Company (Masdar) has signed a Memorandum of Understanding (MoU) with Malaysia’s Investment Development Authority (IDA) to develop a joint venture on renewable energy by 2025, according to Malaysian Prime Minister Anwar Ibrahim.

“The agreement aims to generate 10 gigawatts of renewable energy with an investment of $8 billion,” Anwar Ibrahim said in a Facebook post.

Masdar, which operates projects from the UK to Asia, aims to boost its global capacity to around 40 GW by the end of the year, CEO Mohamed Jameel Al Ramahi said in an interview, adding that the acquisitions will be an important part of its strategy to reach 100 GW by the end of the decade.

Masdar operates solar power plants in the UAE, the third largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC).

The company is also one of the largest investors in clean energy in the UK, including the London Array offshore wind project.

This year, Masdar bought wind and geothermal companies in Europe, Africa, and Asia, giving them stakes in projects worth around $6 billion and adding about 3.4 gigawatts of power.

Anwar Ibrahim said that he met with a number of UAE companies and officials of sovereign funds, noting that there is a desire from these parties to add new investments in his country.