Abu Dhabi's renewable energy company Masdar said it has signed a MoU with Petronas, a global energy and solutions company, to explore renewable energy opportunities in key markets across Asia and beyond.
A subsidiary of Mubadala Investment Company, Masdar said as per the deal, the duo will focus on utility-scale renewable energy developments, including ground-mounted and floating solar projects, as well as offshore wind projects in Asia, and potentially other regions and other technologies.
Apart from Malaysia, the companies are also interested in countries in the region that have pledged to accelerate the development of renewable energy, including Vietnam and Taiwan.
On the strategic tieup, CEO Mohamed Jameel Al Ramahi said: "This agreement marks an important step on Masdar’s journey to expand our presence in the Asian market, where we see tremendous potential given the region’s rapid economic growth and potential renewable energy resources."
"We look forward to collaborating with Petronas, a world leader in the energy sector and a company committed to sustainable development, to meet the growing demand for renewable energy solutions across the region," he noted.
On its Masdar collaboration, Petronas President and Group CEO Tengku Muhammad Taufik Tengku Aziz said: "It marks another milestone in our existing partnership with the Emirati group, which will now include a focus on renewables and green hydrogen."
"We look forward to powering more businesses with cleaner energy solutions, leveraging on our respective geographical and technological strengths to bring more sustainable energy projects to fruition," noted Aziz.
Petronas currently has over 1GWp of solar capacity in operation and under development for commercial and industrial customers in India and Southeast Asia. In Malaysia, Petronas has embarked on solar rooftop solutions and has over 90MWp of capacity under development for commercial and industrial customers.
Last year, Masdar made its first investment into Southeast Asia, signing a power purchase agreement with PLN, the state electricity company in Indonesia, for the first floating solar photovoltaic plant in the country.-TradeArabia News Service
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