Malakoff partners Abu Dhabi-based Masdar to explore opportunities related to solar PV power plant

KUALA LUMPUR: Malakoff Corporation Bhd has partnered Abu Dhabi Future Energy Company PJSC-Masdar (Masdar) to identify potential business opportunities through investment and solar photovoltaic power plant project development with a targeted aggregate capacity of up to 1,000 Megawatt (MW).

Both firms have signed a heads of agreement outlining their collaboration to look into other prospective renewable energy (RE) projects in Peninsular Malaysia, Malakoff said in a statement.

The signing of the agreement was held at the 28th session of the Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC).

Malakoff managing director and chief executive officer Anwar Syahrin Abdul Ajib said this collaboration stands as a testament to Malakoff's robust expansion in RE, aligning not only with the global call to action but also resonating with Malaysia's ambitious objective of achieving net-zero status by 2050.

"In response to the growing demand for solar power deployment, this collaboration will prioritise on the development of solar plants, leveraging on the vast availability of landbanks to be explored and maximising the government's comprehensive framework and incentivising measures that are designed to facilitate corporations such as us, in expediting this transition towards sustainable energy practices,” he said.

Anwar Syahrin also added that Malakoff is a seasoned player in the power generation industry,

and complementing Masdar's formidable investment prowess in the RE sector.

"Malakoff looks forward to partnering with Masdar on the proposed project and envisions the possibility of extending their collaboration beyond this initiative,” he said.

Masdar CEO Mohamed Jameel Al Ramahi said as a clean energy pioneer with over 17 years of experience in deploying renewable and clean energy projects at scale, Masdar is looking forward to helping build Malaysia’s RE capacity with this agreement in support of its net-zero targets.

Through this agreement, both parties will jointly conduct technical and commercial assessments and/or pre-feasibility studies on specific projects that have been identified.

Both parties would also collaboratively handle the comprehensive tasks and activities involved in the project's development, implementation and management, including the structuring of financing funds.

Masdar, a pioneer and powerhouse in clean energy, has positioned the United Arab Emirates to be at the forefront of the global energy transition through its investment commitment to RE projects in more than 40 countries.

Masdar has recently signed a memorandum of understanding with the Malaysian Investment Development Authority for an investment of US$8 billion for 10,000 MW of RE projects in Malaysia. - Bernama