KUALA LUMPUR (Dec 4): Cypark Resources Bhd has inked a memorandum of understanding (MOU) with Abu Dhabi Future Energy Company PJSC (Masdar) to explore various renewable energy-related projects in Malaysia, according to a filing with Bursa Malaysia on Monday.

The group said the partnership also will explore development of battery energy storage systems, and aims to develop a one-gigawatt project in Malaysia.

According to the group, Masdar is an investment vehicle of the government of Abu Dhabi owned by Mubadala Investment Company PJSC, Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company PJSC (Taqa), with the mandate to generate sustainable economic benefits for Abu Dhabi, the United Arab Emirates.

“The MOU is not expected to have any material effect on the earnings per share, net assets per share and gearing of the company and its subsidiaries for the financial year ending April 30, 2024, but is expected to contribute positively to the group’s future earnings and cash flow position,” it said.

Cypark added that the MOU comes into effect on the date of execution, and will remain in effect for a period of two years. The MOU may be extended for a further period as may be agreed in writing by the parties.

At the time of writing on Monday, shares in Cypark were traded five sen or 4.66% higher at RM1.01, giving the company a market capitalisation of RM826.77 million.

Year to date, the stock had soared by 94.23%.