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Abu Dhabi state-owned renewable energy firm Masdar has signed a new deal with Malaysia to invest $8 billion in renewable energy projects.
The memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) is for the development of facilities with renewable energy capacity of up to 10 gigawatts in Malaysia by 2035.
The projects to be established will include ground-mounted and rooftop solar, floating solar, power plants, onshore wind farms and battery energy storage systems.
The projects are envisioned to significantly contribute to the Asian country’s sustainable energy transformation efforts, according to a statement on Monday.
“This important agreement will see the UAE and Malaysia deepen our partnership in the development of renewable energy, directly supporting the nation’s National Energy Transition Roadmap,” said Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President Designate.
Malaysia seeks to install 70% renewable energy capacity and achieve net-zero emissions by 2050.
(Writing by Cleofe Maceda; editing by Seban Scaria)
