ACWA Power to develop up to 12.5GW of power generation in Malaysia by 2040, aligned with the country’s target of 70% renewable energy by 2050.
Strategic partnerships signed with MIDA, TNB, Terengganu Inc., and UEM Lestra to co-develop projects in floating solar, gas turbines, and large-scale desalination.
Initial investment of up to USD 10 billion positions Saudi-based ACWA Power as a long-term player in Southeast Asia’s energy transition.
ACWA Power has announced a series of high-impact strategic agreements in Malaysia that could see up to USD 10 billion invested in the country’s clean energy and water infrastructure. The deals were formalized during the ASEAN-GCC Summit in Kuala Lumpur.
The company signed a Memorandum of Understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to jointly explore 12.5GW of power generation capacity by 2040. The initiative is central to supporting Malaysia’s National Energy Transition Roadmap (NETR), which targets 70% renewable energy capacity by 2050.
“These partnerships are a testament to our shared vision for a sustainable future,” said Marco Arcelli, Chief Executive Officer of ACWA Power.
Further, Strategic Partnership Agreements (SPA) and Heads of Terms (HoTs) were signed with Tenaga Nasional Berhad (TNB), Terengganu Inc., and UEM Lestra to conduct feasibility studies and co-develop a range of projects. These include floating solar photovoltaic (FPV) systems, combined cycle gas turbine (CCGT) plants, and large-scale water desalination facilities.
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“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,” Arcelli emphasized.
The deals mark a major expansion of ACWA Power’s footprint in Southeast Asia. With operations in 14 countries and an existing portfolio valued at USD 107.5 billion, the Saudi-based company continues to position itself as a global leader in energy transition and water solutions.
These developments not only contribute to Malaysia’s energy goals but also serve the broader Saudi Vision 2030, which seeks to diversify the Kingdom’s economy and reinforce its leadership in global climate action.
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