UAE’s Masdar inks Petronas deal for Asia renewables push

Abu Dhabi-based clean energy major to explore renewable energy opportunities across Asia and beyond

Masdar, the Abu Dhabi clean energy major, and Petronas have signed a memorandum of understanding (MoU) to explore renewable energy opportunities across Asia and beyond.

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 said they are also interested in countries in the region that have pledged to accelerate the development of renewable energy, including Vietnam and Taiwan.

“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,” said Mohamed Jameel Al Ramahi, CEO of Masdar (pictured below).

“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.”

Petronas president and group CEO Tengku Muhammad Taufik Tengku Aziz said: “We are pleased to collaborate with Masdar which shares the same commitment towards a low-carbon agenda… 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.”

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, it 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 south east 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 project – the largest of its kind in the region.

Source: arabianbusiness