BUSINESS

CITAGLOBAL, TIZA EXECUTE JDA WITH MASDAR FOR 2GW SOLAR FARM PROJECT WORTH US$2 BLN

01/12/2023 08:42 PM

KUALA LUMPUR, Dec 1 (Bernama) -- The Citaglobal Bhd and TIZA Global Sdn Bhd consortium has executed a 40:60 joint development agreement (JDA) with Abu Dhabi Future Energy Company PJSC (Masdar) for a 2-gigawatt (2GW) solar farm project in Pahang worth US$2 billion (RM9.75 billion).

In a filing with Bursa Malaysia today, Citaglobal said it has received full support from the Pahang state government to develop and execute renewable energy (RE) projects in the state, particularly relating to the approval of land.

“The project involves the proposed development of up to 2GW of RE in Pahang, and will see the construction of ground-mounted solar arrays, floating solar farms and battery energy storage systems (BESS) across multiple sites such as suitable land, dams, lakes and offshore perimeters across Pahang.

“The project will be developed in multiple phases, over a five-year period,” it said.

At this stage, Citaglobal and TIZA will hold a 40 per cent participating equity interest in the 2GW project, with the remaining 60 per cent held by Masdar. Each participating entity will be responsible for funding its respective share of the project development cost in proportion to its stake. The initial development cost of the project will be determined at a later date.

Citaglobal said the 2GW project forms part of the 10GW RE project for which a memorandum of understanding (MoU) was signed between Masdar and the Malaysian Investment Development Authority (MIDA) on Oct 9, 2023.

“As part of the MoU, Masdar formed a strategic partnership with MIDA and committed to the implementation of 10GW of clean energy projects in Malaysia with a total investment of US$8 billion,” it said.

Citaglobal executive chairman and president Tan Sri Mohamad Norza Zakaria said the JDA is a strong show of commitment that both parties are determined to make the 2GW project a reality and a success.

“Together with Masdar, we are confident of making faster progress towards our climate targets, besides meeting Malaysia’s long-term energy requirements in a responsible and cost-efficient manner,” he said.

-- BERNAMA

 

 


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