UAE clean energy powerhouse Masdar has inked an agreement with Malaysia's Citaglobal Berhad to develop a broad range of renewable energy projects in the Southeast Asian country, including rural, off-grid initiatives.
By virtue of the MoU, Masdar and Citaglobal will join forces to develop projects across the renewable energy mix in the Malaysian state of Pahang. This includes exploring solar, battery energy storage system (BESS), wind and other renewable energy technologies.
Malaysia is targeting net-zero emissions by 2050.
Mohamed Jameel Al Ramahi, Masdar’s chief executive officer, said, “Masdar is excited to be partnering with Citaglobal Berhad and to be expanding our presence in the key Southeast Asian market."
"As the UAE looks ahead to hosting the UN climate change conference, COP28, later this year, Masdar is proud to be working with partners to advance clean energy solutions around the world,” he added.
Masdar is active in more than 40 countries, with a total electricity generation capacity of more than 20GW. It has invested, or committed to invest, in worldwide projects, with a combined value of more than $30 billion.
“By collaborating with a leading energy transition player, we will make faster progress towards our climate targets, besides building our long term energy requirements in a responsible and cost efficient manner," noted Citaglobal Berhad executive chairman and president, Tan Sri (Dr) Mohamad Norza Zakaria.
"The MoU will also facilitate the potential collaboration between Masdar and Citaglobal related to technology solutions and equipment supply outside of Malaysia with a focus on Central Asia.”
Southeast Asia is a key investment destination for Masdar. The company has developed the region’s largest floating solar facility in Indonesia, which will generate enough electricity to power 50,000 homes. In February 2023, Masdar entered the geothermal energy sector through a strategic investment in Indonesia’s Pertamina Geothermal Energy.