DUBAI - Abu Dhabi Future Energy Company, known as Masdar, said on Friday it had signed an agreement to advance the development of up to 10 gigawatts (GW) of clean energy projects in Malaysia, building on a preliminary accord earlier this year.
The company said it had signed an "implementation roadmap" with the Malaysian Investment Development Authority (MIDA) to develop projects including solar power plants, wind farms and battery energy storage systems.
"The signing of this implementation roadmap represents an important progression in the partnership between the UAE and Malaysia in the development of renewable energy projects," Sultan Al Jaber, chairman of Masdar and president of COP28, which kicked off in Dubai on Thursday, said.
Malaysia's Prime Minister Anwar Ibrahim had said in October the agreement with Masdar to develop renewables projects in the Asian nation was worth $8 billion.
Trade and investment relations between the UAE and Malaysia are strengthening in line with the Gulf state's strategy to diversify its economy away from oil and gas. The two nations are in the process of negotiating a bilateral free trade agreement.
Masdar, established in 2006, is targeting a renewable energy portfolio capacity of at least 100 GW, and an annual green hydrogen production capacity of up to 1 million tonnes by 2030.
(Reporting by Yousef Saba; Writing by Rachna Uppal; Editing by Toby Chopra)