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Masdar signs MOU with Malaysia's Petronas

Masdar, one of the world’s leading renewable energy companies and a subsidiary of Mubadala Investment Company, and PETRONAS, a global energy and solutions company, announced on Thursday that they have signed a Memorandum of Understanding (MoU) to explore renewable energy opportunities across Asia and beyond.

Masdar and Petronas sign MOU

The two companies have agreed to explore joint participation in a range of areas, with a focus on utility-scale renewable energy, 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.

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. In December, it announced the formation of a joint venture company to develop the 145-megawatt (ac) project – the largest of its kind in the region. Also last year in Indonesia, Masdar submitted the lowest tariff for the Saguling floating solar photovoltaic 60-megawatt (ac) project in the context of the Hijaunesia tender process, highlighting Masdar’s commitment to investing and growing in the region.