Masdar taps new markets to double its clean energy capacity over the next 5 years | The National

Masdar taps new markets to double its clean energy capacity over the next 5 years | The National

Abu Dhabi clean energy company Masdar expects a "sizeable part" of its renewable energy growth over the next five years to come from South-East Asia and Central Asia as it plans new projects to double capacity.

The company will look to develop new projects in Malaysia, Vietnam, Indonesia and Taiwan. It is bullish about new opportunities in Uzbekistan, Kazakhstan, Azerbaijan and Armenia.

“Masdar is now a global energy developer and we have an ambitious plan to grow our business further,” said Fawaz Al Muharrami, acting executive director of clean energy at Masdar.

“South-East Asia is an interesting market, and the growth of their economies is high and they have also started focusing on renewable energy targets,” he said.

“They are becoming active in that field and facilitating [a] proper regulatory environment to embody the development of renewable energy projects. We think that there is a good opportunity for us to benefit from this environment and grow further.”

Earlier this month, Masdar signed an agreement with Malaysia’s Petronas to explore renewable energy opportunities in Asia with a focus on Taiwan, Vietnam and Malaysia.