Masdar invests further in Malaysia: Masdar inked an agreement with Worldwide Holdings Berhad to develop 1 GW of renewable energy projects in Selangor, Malaysia, focusing on floating solar, ground-mounted solar, rooftop solar, hydro, and hybrid systems, it said on X on Friday. The partnership comes as Masdar looks to invest in and develop up to 10 GW of renewable energy projects in Malaysia.

Background: The renewables firm had in October agreed to invest USD 8 bn for up to 10 GW of renewables projects in Malaysia by 2035 including grounded and floating solar, wind and battery energy storage systems (BESS). It also inked an MoU with Malaysian investment holding company Citaglobal Berhad last July to jointly develop 2 GW worth of renewable energy projects — including solar plants, BESS, and wind farms — in the country.

The company’s overseas portfolio is expanding: The company has been expanding its holdings in Southeast Asia and globally as of late, most recently acquiring a 50% stake in US renewables firm Terra-Gen Power. It is also eyeing an undisclosed stake in Turkish wind producer Fiba Yenilenebilir Enerji and a majority stake in India’s Ayana Renewable Power, and in February, acquired shares in the geothermal unit of Indonesian government-owned geothermal utility Pertamina.

OTHER ENERGY NEWS-

Masdar hands out contract for DBS wind farm: Masdar and German renewable energy company RWE awarded Dutch surveyor Fugro a contract for geotechnical surveys on the Dogger Bank South (DBS) West offshore wind farm, according to a statement released on Friday. The DBS wind farm — which comprises two sites, each with a capacity of 1.5 GW and spanning 500 sqkm — expects to power three mn UK homes.

ICYMI- Masdar closed the acquisition of a 49% stake in RWE’s 3 GW DBS offshore wind farms last month. The move — which was first announced in December during COP28 — came as part of Masdar’s larger GBP 11 bn investment plan in UK renewables.

The timeline: Fugro's vessels will conduct surveys from May to October, assessing ground conditions below the seabed for turbine and platform foundation locations. Masdar and RWE will then submit applications for development consent orders in the 2Q 2024, followed by securing contracts for difference, financing, construction, and commissioning by 2031.

Tags: