Malakoff And Masdar Forge Alliance For 1,000 MW Solar Project In Malaysia

Malakoff Corporation Berhad has formalized a Heads of Agreement (HOA) with Abu Dhabi Future Energy Company PJSC-Masdar to explore potential business opportunities through the investment and development of solar photovoltaic power plant projects, targeting a combined capacity of up to 1,000 MW. The collaboration extends to investigating other Renewable Energy (RE) projects within Peninsular Malaysia.

Envisioning a strategic two-phase execution, this partnership aims to significantly bolster Malakoff’s RE portfolio, aligning with its unwavering commitment to sustainability. The collaboration leverages expertise from both entities for mutual growth and success.

The HOA signing, held during the 28th meeting of the Conference of the Parties to the UNFCCC or COP28 in Dubai involved Malakoff’s Managing Director and Group Chief Executive Officer, Encik Anwar Syahrin Abdul Ajib and Masdar’s Chief Executive Officer Mohamed Jameel Al Ramahi.

The ceremony was witnessed by His Majesty Seri Paduka Baginda Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah Ibni Almarhum Sultan Haji Ahmad Shah Al-Musta’in Billah and Minister of Natural Resources, Environment and Climate Change Yang Berbahagia Tuan Nik Nazmi Nik Ahmad.

Under this agreement, both parties will jointly conduct technical and commercial assessments and/or pre-feasibility studies on identified projects. They will collaboratively manage tasks related to the project’s development, implementation, and financing.

Masdar, known for its clean energy initiatives, has been at the forefront of the global energy transition with investments in RE projects across 40 countries. Notably, it recently signed an MoU with the Malaysian Investment Development Authority (MIDA) for a USD 8 billion investment in a 10,000 MW RE project in Malaysia.

Encik Anwar Syahrin Abdul Ajib highlighted the collaboration’s significance in addressing climate challenges and contributing to Malaysia’s Net-Zero 2050 objective. He emphasized the commitment to prioritize solar plant development, leveraging available landbanks and government frameworks to expedite the transition to sustainable energy practices.

Masdar’s CEO Mohamed Jameel Al Ramahi expressed pride in supporting Malaysia’s RE ambitions and building its RE capacity, aligning with Net-Zero targets.

This collaboration aligns with Malakoff’s commitment to UN Sustainable Development Goal No. 7 – Affordable and Clean Energy, aiming to ensure access to sustainable energy for all. As of now, Malakoff holds a total of 151 MW of RE generating capacity under its portfolio, covering Large Scale Solar, rooftop solar, and small hydropower generation.