Malakoff and Abu Dhabi's Masdar team up for 1,000MW solar project

KUALA LUMPUR (Dec 4): Malakoff Corp Bhd has teamed up with Abu Dhabi Future Energy Company PJSC (Masdar) to identify potential business opportunities through investment and development of solar photovoltaic power plant project development, with a targeted aggregate capacity of up to 1,000MW, and explore other renewable energy (RE) projects opportunities in Peninsular Malaysia.

In a statement, Malakoff said the collaboration will involve conducting technical and commercial assessments of specific projects that have been identified, and collaborating on the development, implementation and management of the projects, including the financing arrangements in accordance with the RE transition.

In parallel with Malaysia’s goal of achieving net-zero emissions by 2050, Malakoff said the partnership will further enhance their portfolios, which currently stand at 151MW of RE generating capacity consisting of project acquired large-scale solar, rooftop solar, and small hydro power generation.

The collaboration was formalised through the singing of the heads of agreement at the Conference of the Parties to the UNFCCC or COP28 meeting in Dubai, witnessed by Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al Mustafa Billah Shah, and Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad.

Malakoff managing director and group chief executive officer Anwar Syahrin Abdul Ajib said that the collaboration with Masdar will leverage the vast availability of land bank and the government’s incentives to facilitate the transition to sustainable energy practices. He added that Malakoff is committed to making meaningful contributions to addressing the global imperative for sustainability and fostering a more resilient future for all.

Meanwhile, Masdar CEO Mohamed Jameel Al Ramahi said the group is proud to be strengthening its support for Malaysia’s RE ambitions with this partnership. He said that Masdar has over 17 years of experience in deploying renewable and clean energy projects at scale, and looks forward to helping build Malaysia’s RE capacity in support of its net-zero targets.

On a side note, the subsidiary of Mubadala Investment Company has invested in more than 40 countries in the renewable and clean energy sector. The group has recently signed a memorandum of understanding with the Malaysian Investment Development Authority for an investment of US$8 billion (RM37.28 billion) for 10,000MW of RE projects in Malaysia.

At the time of writing on Monday, shares in Malakoff were traded up half a sen or 0.83% at 61 sen each. The group’s market capitalisation stood at RM3.02 billion.

News Related


Big market marred by poor upkeep

THOSE looking for fresh produce may find themselves spoilt for choice at the biggest wet market in Klang, but visitors to the place say the condition of the facilities and ... Read more »

Olive Grove: Phase 1 sold out, Phase 2 now open for sale

Olive Grove is the first-ever gated-and-guarded development in Bercham, Ipoh with 24-hour security. IPOH: YTL Land and Development Bhd announced that Phase 1 of Olive Grove is fully sold while ... Read more »

Cops arrest teen who pulled knife on elderly e-hailing driver

Screenshots of a video showing a teenager pointing a knife at an elderly e-hailing driver. PETALING JAYA: Police have arrested a 13-year-old boy for holding an elderly e-hailing driver at ... Read more »

Sprint Highway’s Semantan To KL Slip Road Fully Closed Until Dec 31

Sprint Highway’s Semantan To KL Slip Road Fully Closed Until Dec 31 If you’re a regular user of the Sprint expressway, you’ll need to do some planning for your trips ... Read more »

Genshin Impact Version 4.3 Leak Showcases Update to Domains

Genshin Impact Version 4.3 Leak Showcases Update to Domains New leaks reveals a quality-of-life update to Domains in Genshin Impact, making it easier for players to repeat and farm resources. ... Read more »

Urban Republic Warehouse Clearance: Get iPhone for as low as RM699 and many more

CG Computers will host the Urban Republic (UR) Warehouse Clearance from 30 November to 3 December at the Atria Shopping Gallery in Petaling Jaya. During the event, visitor can get ... Read more »

Malaysia has never experienced hyperinflation - Economy Ministry

Photo for illustrative purposes only – 123RF KUALA LUMPUR – Hyperinflation has never happened in Malaysia and the government hopes it will never happen, according to the Economy Ministry. It ... Read more »
Top List in the World