ABU DHABI, 23rd December, 2025 (WAM) -- Abu Dhabi Future Energy Company PJSC - Masdar has announced its first project in Malaysia, with the signing of a power purchase agreement (PPA) to develop a 200-megawatt (MW) floating solar photovoltaic (PV) project at the Chereh Dam in Pahang State.

The project will be developed by a consortium led by Masdar, together with Malaysian partners Citaglobal and Tiza Global. The PPA was signed with Tenaga Nasional Berhad, Malaysia's national utility company.

Once operational, the 200MW Chereh Dam plant will become the largest floating solar project in Southeast Asia.

Occupying approximately 950 acres, the Chereh Dam plant will have a generation capacity of more than 300MWp (200MWac), enough to power the equivalent of over 100,000 homes. The project value is estimated at more than RM850 million (US$208 million).

The investment reinforces Masdar's position as a key partner in accelerating Malaysia's energy transformation. Malaysia has targeted increasing the share of renewables in its national energy mix to 35 percent by 2030, and floating solar is expected to play a key role in achieving these goals.

"This milestone project, our largest floating solar development globally and our inaugural project in Malaysia, reaffirms Masdar's expertise in floating solar and our position as a trusted partner across the region," said Mohamed Jameel Al Ramahi, CEO of Masdar. "By leveraging our experience in delivering utility-scale solutions worldwide, we can provide affordable, secure, clean energy to the Malaysian people.

He said he looks forward to working closely with Citaglobal, Tiza Global, and the Government of Malaysia to help deliver the country's ambitious renewable energy roadmap.

Tan Sri Dr. Mohamad Norza Zakaria, Executive Chairman and President of Citaglobal Berhad, said that this project reflects Citaglobal's role as a long-term Malaysian partner in delivering sustainable energy infrastructure.

"By combining Masdar's global expertise with Citaglobal's strong local execution capability and institutional understanding, this collaboration gives us confidence that the Chereh floating solar project will be delivered to the highest international standards, while strengthening Malaysia's energy security and long-term economic resilience," he added.

The project was secured through a competitive tender process under Malaysia's Large Scale Solar (LSS) Cycle 5+ programme, with Masdar's global network and supply chain partnerships key to the consortium's bid achieving L1, the lowest tariff in the floating solar category.

The award reflects Masdar's proven credentials in developing floating solar PV across the region, including the 145MW Cirata Floating PV Plant in West Java, Indonesia.

The Chereh floating solar plant will be the inaugural project of the 10-gigawatt (GW) renewable energy roadmap agreed between Masdar and the Malaysian Investment Development Authority (MIDA) in 2023.

Masdar is also progressing a feasibility study for a major floating solar installation at the Murum reservoir in Sarawak, in collaboration with Sarawak Energy and Gentari.

This project would further boost Malaysia's renewable capacity and support key national strategies, including the National Energy Transition Roadmap and the New Industrial Master Plan 2030.

A core pillar of the project is Masdar's commitment to working closely with Malaysian authorities and local stakeholders throughout development, construction, and operations.

These partnerships, such as the Site Agreement signed with Pahang Water & Energy Resources, are designed to ensure seamless execution, strong local integration, and long-term continuity beyond the commercial operation date (COD), reinforcing the project's role as a durable national asset.

The project will deploy state-of-the-art floating solar technology specifically designed to address the unique shape and characteristics of the Chereh dam, optimising performance, resilience, and long-term operational efficiency. The development will be financed through a non-recourse project finance structure, with participation from international lenders, reflecting strong market confidence in the project's fundamentals.

Floating solar PV offers a land-efficient, scalable energy solution, suited to water-rich, densely populated countries like Malaysia. Floating solar systems increase generation efficiency through natural cooling, while simultaneously reducing evaporation and preserving freshwater.

With an expanding global portfolio across more than 40 countries, and a mandate to deliver 100GW of clean energy capacity by 2030, Masdar continues to drive scalable projects that deliver affordable clean energy and align with national development goals.