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It was last year that Masdar made a move for a greater presence in Southeast Asia, winning a key project in Indonesia. Image Credit: Shutterstock

Dubai: Abu Dhabi-based renewable energy company Masdar and Malaysia’s Petronas will together explore renewable energy opportunities across Asia and other markets.

The two companies will focus on utility-scale renewable energy - including ground-mounted and floating solar projects - as well as offshore wind projects in Asia, and potentially other regions. Apart from Malaysia, the companies are also interested in Asian economies that have pledged to accelerate development of renewable energy, including Vietnam and Taiwan.

“This agreement marks an important step on Masdar’s journey to expand our presence in the Asian market, where we see tremendous potential given the region’s rapid economic growth and potential renewable energy resources,” said Mohamed Jameel Al Ramahi, CEO of Masdar.

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First move

Last year, Masdar made its first investment into Southeast Asia, signing a power purchase agreement with PLN, the state electricity company in Indonesia, for the first floating solar photovoltaic plant in the country. In December, it announced a joint venture company to develop the 145-megawatt (ac) project – the largest of its kind in the region.

“Petronas’ MoU with Masdar marks another milestone in our existing partnership with Mubadala, which will now include a focus on renewables and green hydrogen,” said Tengku Aziz, Petronas President and Group CEO.

Deal with ADNOC

This comes a day after Abu Dhabi National Oil Company (ADNOC) said the energy giant and Petronas would jointly explore opportunities in the exploration, development, and production of conventional and unconventional hydrocarbon resources in the emirate. It will also enable both companies to assess opportunities for domestic and international collaboration across the downstream sector.

“The agreement offers the potential for exciting opportunities for both companies to unlock and create value across the full oil and gas value chain as we shape our businesses for a post-Covid economy,” said Sultan Al Jaber, ADNOC’s CEO. “We see significant potential in this agreement and look forward to converting it into mutually beneficial partnerships.”