Masdar is an icon to reckon with when it comes to global renewable energy companies and is also a Mubadala Investment Company subsidiary. On the other hand, PETRONAS Company deals with energy and solutions all over the world. Recently, the two started a collaboration that will revolve around renewable energy opportunities. According to the Memorandum of Understanding that the two companies signed, the main focus is Asia, but the pair also plans to explore beyond the Asian boundaries.

As the two firms work jointly, they will be working on a wide range of sectors. They include offshore wind projects, floating solar projects, and ground-mounted solar projects, among other utility-scale renewable energy projects. Besides that, the MOU also plans to explore other related technologies. The firms are interested in countries with policies to adopt renewable energy development massively. Some of them are the home country of PETRONAS, Malaysia, as well as Taiwan and Vietnam, among other states in the region.

According to Masdar CEO Mohamed Jameel Al Ramahi, the collaboration makes the company closer to its goal of expanding its presence in the renewable energy market, especially the Asian one. The company has chosen Asia because it believes in its potential as far as renewable energy resources and rapid economic growth are concerned. He added how eager Masdar is to work together with PETRONAS. The excitement is based on the fact that the latter is a leading company in the global energy sector. Equally important, there is its commitment to meet the global demand for renewable energy solutions, especially in the region, since it is increasing. Additionally, it plans to achieve that using sustainable developments.

On the other hand, Tengku Muhammad Taufik Tengku Aziz, the President and Group CEO of PETRONAS, described the agreement as a milestone. He added that it is not the first one since it has been in partnership with Mubadala even before the MOU. However, this particular collaboration will be about green hydrogen and renewables as well. The company also appreciates working with Masdar since the two are reading from the same script to lower carbon emissions. He reinstated the company’s Statement of Purpose, and it is still working towards it. So, it is still aiming at ensuring more businesses are powered using clean energy solutions. It plans to create sustainable energy projects using technological and geographical strengths.

The two have outstanding track records hence a promising collaboration. For instance, PETRONAS solar capacity in Southeast Asia and India is more than 1GWp. It also has the potential of a capacity of 90 MWp to come from solar projects under development. On the other hand, Masdar signed a power purchase agreement last year. Its collaboration with Indonesia’s PNL saw the emergence of the country’s first floating solar photovoltaic plant.

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By Adam