ACWA Power, Saudi Arabia announced the signing of Memorandum of Understanding (MoU) and Strategic Partnership Agreements (SPA) with key Malaysian entities during the ASEAN-GCC Summit in Kuala Lumpur, Malaysia.
ACWA Power has entered into 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 USD 10 billion. This collaboration will play a pivotal role in achieving Malaysia’s goal of increasing its installed renewable energy capacity to 70% by 2050.
These partnerships create a powerful synergy between Malaysia’s innovative ecosystem and Saudi Arabia’s energy transition expertise, supporting decarbonisation efforts, and establishing a strategic platform for sustainable development across Southeast Asia. By unlocking unprecedented opportunities in renewable energy, green hydrogen, and advanced water solutions, these collaborations are fully aligned with Malaysia’s National Energy Transition Roadmap (NETR), while contributing to Saudi Vision 2030’s objectives for global climate leadership.
Further, ACWA Power has signed SPAs and Heads of Terms (HoTs) for Joint Development Agreements with Tenaga Nasional Berhad (TNB), Terengganu Inc. and UEM Lestra to conduct feasibility studies and jointly develop 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.
These agreements build upon ACWA Power’s strong track record of delivering high- impact, commercially viable projects across its global portfolio. With operations in 14 countries and an investment value of USD 107.5 billion, ACWA Power continues to lead the global energy transition through strategic partnerships and cutting-edge technology, statement mentioned.
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