Saudi-based ACWA Power announced the signing of a Memorandum of Understanding (MoU) and a Strategic Partnership Agreements (SPAs) with key Malaysian entities.
The agreements include an MoU with the Malaysian Investment Development Authority (MIDA) to explore the development of up to 12.5GW of power generation capacity by 2040.
With an initial investment value of up to $10 billion, the collaboration is to play a pivotal role in achieving Malaysia’s goal of increasing its installed renewable energy capacity to 70 per cent by 2050.
ACWA Power has also signed SPAs and Heads of Terms (HoTs) for joint development agreements with Tenaga Nasional Berhad (TNB), Terengganu Inc. and UEM Lestra.
These are for conducting feasibility studies and jointly developing various energy projects relating to floating solar photovoltaic (FPV), combined cycle-gas turbine (CCGT) and large-scale water desalination to accelerate Malaysia’s sustainable energy and water infrastructure development.
The partnership pacts, signed during the ASEAN-GCC Summit in Kuala Lumpur, Malaysia, are aimed to create powerful synergy between Malaysia’s innovative ecosystem and Saudi Arabia’s energy transition expertise.
Besides, they also aim to support decarbonisation efforts and establish a strategic platform for sustainable development across Southeast Asia.
Marco Arcelli, Chief Executive Officer of ACWA Power, said the agreements represent a significant milestone in the company’s expansion in Southeast Asia and reflect its commitment to supporting Malaysia and the broader ASEAN region’s energy transition.
“By combining our global expertise in renewables, water desalination, and green hydrogen with the local knowledge of our Malaysian partners, we are not only accelerating the deployment of clean energy solutions but also fostering technology transfer, job creation, and long-term economic growth and social well-being of the local community,” he said.
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