The Emirati renewable energy company Masdar has partnered with the Malaysian group Malakoff to develop a 1 GW solar PV project in Malaysia. Under the agreement, both companies will jointly conduct technical, commercial assessments, and pre-feasibility studies on several solar parks which will make up the project. They will collaboratively manage the project’s development, implementation, and financing. The project is expected to be executed in two phases.
In early December 2023, Masdar signed an agreement with the Malaysian Investment Development Authority (MIDA) to develop up to 10 GW of renewable energy projects in Malaysia for a total investment of US$8bn.
Malaysia aims to reach 18.5 GW of renewable capacity by 2040, so that renewables would cover 17% of the total primary energy supply, comprising 9% of hydro, 4% of solar, and 4% of biofuels. In 2022, solar represented about 5% of Malaysia’s installed capacity with 1.9 GW and only about 1% of its power generation with 2 TWh.
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