ABU DHABI, 31st July, 2023 (WAM) -- Abu Dhabi Future Energy Company (Masdar) and Citaglobal Berhad have signed a memorandum of understanding (MoU) for developing renewable energy projects across solar, Battery Energy Storage System (BESS), wind and other renewable energy technologies.

The MoU was signed in Malaysia by Abdulla Zayed, Masdar's Head of Development and Investment, and Citaglobal's Executive Chairman and President, Tan Sri (Dr) Mohamad Norza Zakaria.

Masdar and Citaglobal will join forces to develop projects across the renewable energy mix in the picturesque Malaysian state of Pahang. This includes exploring BESS, wind and other renewable energy technologies. Malaysia is targeting net-zero emissions by 2050.

The signing ceremony was witnessed by the Minister of Investment, Trade and Industry Malaysia Yang Berhormat Mulia Datuk Seri Utama Tengku Zafrul Aziz, and the UAE Ambassador to Malaysia Khalid Ghanim Mohammed Alghaith.

Mohamed Jameel Al Ramahi, Masdar's Chief Executive Officer, said, "Masdar is excited to be partnering with Citaglobal Berhad and to be expanding our presence in the key Southeast Asian market. We look forward to pioneering energy solutions to reduce emissions in Malaysia and the region. As the UAE looks ahead to hosting the COP28, later this year, Masdar is proud to be working with partners to advance clean energy solutions around the world."

Zakaria, in turn, stated, "By collaborating with a leading energy transition player, we will make faster progress towards our climate targets, besides building our long term energy requirements in a responsible and cost efficient manner. The MoU will also facilitate the potential collaboration between Masdar and Citaglobal related to technology solutions and equipment supply outside of Malaysia with a focus on Central Asia."

Southeast Asia is a key investment destination for Masdar. The company has developed the region's largest floating solar facility in Indonesia - the 145MW Cirata Floating Solar PV plant - which will generate enough electricity to power 50,000 homes.

In February 2023, the UAE's clean energy powerhouse entered the geothermal energy sector through a strategic investment in Indonesia's Pertamina Geothermal Energy. Masdar opened an office in Jakarta, Indonesia, in 2021 to further strengthen links with key players within the region.