Masdar Citaglobal partner for 2GW energy projects in Malaysia
Top officials of Masdar and Citaglobal Berhad during the signing ceremony.
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.
Meanwhile last week Masdar has signed a strategic agreement with Iberdrola, a global clean energy leader, to co-invest in the 476 megawatt (MW) Baltic Eagle offshore wind farm in the German Baltic Sea. Iberdrola will retain a majority 51 per cent stake in the asset, which will help to accelerate green energy security in Europe.
According to the deal terms, Baltic Eagle wind farm is valued at approximately 1.6 billion euro. Iberdrola will control and manage the asset, providing operation and maintenance services and other corporate services.
The deal was signed in Madrid by Masdar’s Chief Executive Officer Mohamed Jameel Al Ramahi and Iberdrola’s Executive Chairman Ignacio Galan, as part of a wider acknowledgement agreement between the two clean energy powerhouses.
Both parties consider this a strategically important transaction and a critical milestone as they strengthen their partnership to explore further renewable energy investment opportunities in various technologies and regions.
Baltic Eagle will consist of 50 wind turbines built on monopile foundations, each with a unit capacity of 9.53 MW. Anticipated annual production is 1.9 terawatt-hours (TWh), enough clean energy to meet the electricity demands of 475,000 homes, saving 800,000 tonnes of CO2 released into the atmosphere annually.
The wind farm, which is scheduled to come into initial operation at the end of 2024, has a minimum regulated tariff of €64.6/MWh for the first 20 years. In addition, 100 per cent of its production has already been sold via long-term contracts.
Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, COP28 President-Designate and Chairman of Masdar, said, “When companies with long histories of pioneering clean energy join forces, it creates lasting solutions for people and the planet. This landmark agreement between Masdar and Iberdrola will harness Germany’s abundant wind power in the Baltic Sea and bring electricity to nearly half a million homes, while cutting emissions. As the UAE looks ahead to hosting COP28, partnerships such as this show how we can hold back emissions without holding back progress.”
Galan, in turn, said, “Delivering the clean energy that the world needs requires companies with vision and commitment willing to make major investments in new infrastructure. Masdar brings all of these qualities to Baltic Eagle. This a major project will help drive green energy security in Europe, reduce emissions for homes and businesses, and support thousands of highly skilled jobs. Building long-term partnerships with sustainable leaders like Masdar will help Iberdrola continue leading the global energy transition.”
