Masdar, a leading renewable energy company in the United Arab Emirates (UAE), inked a deal worth $8 billion with Malaysia to help advance the country’s renewable energy endeavors.
The projects will comprise a wide array of technologies. These encompass ground-based and rooftop solar installations, floating solar platforms, and conventional power plants. Onshore wind farms and energy storage systems utilizing batteries are also included.
Clean energy for Malaysia
Masder entered into a memorandum of understanding (MoU) signed with the Malaysian Investment Development Authority (MIDA). The partnership will focus on constructing several facilities. Collectively, these will be capable of generating up to 10 gigawatts (GW) of renewable energy in Malaysia by 2035.
Sultan Al Jaber, the UAE minister of industry and advanced technology, remarked, “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.” He also serves as the chairman of Masdar and the designated president for COP28.
Malaysia previously announced its goal of achieving 70 percent renewable energy capacity and net-zero emissions by 2050.
Read: Masdar, Boeing sign deal to boost sustainable aviation fuel sector
Renewable energy projects in the region
Apart from Masdar’s renewable energy deal with Malaysia, it also recently teamed up with the Dubai Electricity and Water Authority (DEWA). The two will build the 1,800-megawatt (MW) sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park. Currently, it is the world’s largest single-site solar park.
In Saudi Arabia, NEOM Green Hydrogen Company (NGHC) revealed in May that it has finalized financial arrangements with 23 local, regional, and international banks and investment firms. Racking up a total investment of $8.4 billion, NGHC will use the funding to build the largest green hydrogen production facility in the globe.
The plant is presently under construction in Oxagon, within the NEOM region of Saudi. Once completed, it can utilize up to 4 GW of solar and wind energy to produce 600 tons of carbon-free hydrogen daily.
In Jordan, Energy Minister Saleh Kharabsheh recently disclosed that the government is considering raising its renewable energy objectives. The nation is steadily progressing toward its 2030 target, which aims for renewable energy to constitute 30 percent of its overall energy mix. As of writing, it already stands at around 27 percent.
Back in February, Masdar and Finnish renewable energy developer, Taaleri Energia Ltd, formally launched the Baynouna Solar Park in Jordan. The 200-MW clean energy facility is the largest of its kind in the country. It is poised to meet the energy needs of about 160,000 households.
Last year, the renewable energy capacity in the Middle East saw a 12.8 percent growth compared to the previous year. This increase marked the biggest percentage gain among all regions according to the International Renewable Energy Agency.
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