Masdar and PETRONAS have agreed to venture into renewable energy technology

Masdar and PETRONAS have agreed to venture into renewable energy technology

Masdar, a subsidiary of Mubadala Investment Company, has been conducting exploits in the renewable energy sector. The company has signed an MoU with PETRONAS that will allow the two companies to venture into renewable energy opportunities through Asia and the rest of the world.

The two entities will be venturing into different areas to develop renewable energy as partners. Some of the projects lined up in this perspective include ground-mounted and floating solar projects, offshore wind projects, and other groundbreaking renewable energy feats in Asia. Experts will be observing to rate the renewable energy projects that these companies develop in Malaysia, Taiwan, and Vietnam. The three countries will be the first to benefit from the exploits.

The chief executive of Masdar, Mohamed Jameel Al Ramahi, stated that this partnership is crucial in the company’s quest to expand its penetration into the Asian market. He explained that they identified a lot of potential in Asia, which they can tap by establishing renewable energy resources and infrastructure. On the other hand, the head of PETRONAS, Tengku Muhammad Taufik Tengku Aziz, reiterated what his counterpart stated, adding that they would be growing as a company to the international stage through renewable energy and green hydrogen.

Tengku Aziz is happy that his company can 0artner with such a bigwig in the industry and expects the partnered ventures to fulfil the carbon emissions reduction agenda. PETRONAS dedicated its efforts towards powering businesses with clean energy and delivering sustainable energy projects in different areas by overcoming both geographical and technocratic impediments.

Currently, PETRONAS boasts of its 1GWp of solar power that it will be offering through its activities and projects to businesses and industrial clients in India and other parts of Asia. The company is also running more than 90MWp in solar energy technology that will be meeting the needs of Malaysian businesses and industrial entities. On the other hand, Masdar started its first project in Southeast Asia with a power purchase agreement that it penned to associate with the PLN of Indonesia.

This agreement facilitated the development of the first solar energy power plant in Indonesia. Later on, the company announced a joint partnership that would unleash 145 MW of renewable energy in the area. Masdar has dominated Indonesia with numerous power projects, including the Saguling floating solar photovoltaic 60-megawatt project. These projects are evidence that the company is ready to offer clean energy in Asia with the support of the different entities. Analysts are eyeing the projects to ensure that they do not fail to promote the agendas that they are advocating for.