BUSINESS

CYPARK-MASDAR MOU TO BOOST MALAYSIA'S RENEWABLE ENERGY AGENDA

03/12/2023 10:43 PM

KUALA LUMPUR, Dec 3 (Bernama) -- Cypark Resources Bhd has signed a strategic memorandum of understanding (MoU) with Abu Dhabi Future Energy Company PJSC, also known as Masdar, one of the world’s largest renewable energy (RE) companies, to advance Malaysia RE agenda.

The collaboration, estimated at 1GW of RE projects in Malaysia, marks a pivotal addition to the MIDA-Masdar 10GW MoU signed in October 2023.

In that October 2023 MoU, Masdar signed an MoU with the Malaysian Investment Development Authority (MIDA) to invest US$8 billion for up to 10 gigawatts (GW) of RE projects in a partnership that will significantly contribute to Malaysia’s sustainable energy transformation.

This most recent collaboration, estimated at 1GW of RE projects in Malaysia, further solidifies the commitment of the entities to advancing Malaysia's RE landscape, Cypark said in a statement.

"Emphasising innovation, the collaboration will focus on cutting-edge technologies, including floating solar, ground-mounted solar, rooftop solar, hydro and hybrid systems. This emphasis aims to ensure diverse and efficient energy solutions.

"Both parties will also actively collaborate on the development of battery energy storage systems (BESS) to enhance grid stability and optimise RE usage," it said.

Chair of Cypark’s board of directors Datuk Ami Moris said Cypark looks forward to collaborating with Masdar, aligning the combined experience with global efforts to transition towards a low-carbon future.

"As Malaysia’s leading solar and waste to energy producer, we are steadfast in growing the RE ecosystem in Malaysia," he said. 

In a separate statement, Malakoff Corp Bhd said it has inked a heads of agreement with Masdar to identify potential opportunities via investment and a solar photovoltaic power plant development with a targeted aggregate capacity of up to 1,000 megawatts (MW), and explore other potential RE projects in Peninsular Malaysia. 

Malakoff said the partnership aims to significantly enhance its RE portfolio, and strategically leverage expertise from both parties.

"Both parties will jointly conduct technical and commercial assessments and/or pre-feasibility studies on specific projects that have been identified,” the statement said.

They will also collaboratively handle tasks and activities involved in the project's development, implementation and management, including the structuring of financing funds, it said.

Its managing director and group chief executive officer Anwar Syahrin Abdul Ajib said the collaboration underscores Malakoff's robust expansion in RE, aligning not only with the global call to action but also resonating with Malaysia's objective to achieve net zero status by 2050. 

-- BERNAMA

 

 

 


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