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 signing 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.

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 RE projects of 10,000MW 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.