Riyadh – Mubasher: ACWA Power Company and key Malaysian entities inked strategic partnership agreements, with an initial investment value of up to $10 billion, according to a press release.
During the ASEAN-GCC Summit in Kuala Lumpur, the Saudi power giant entered into a memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to explore the development of up to 12.50 gigawatt (GW) of power generation capacity by 2040.
The partnership will contribute to achieving Malaysia's goal of expanding its installed renewable energy capacity to 70% by 2050. It also aims to unlock key opportunities in renewable energy, green hydrogen, and advanced water solutions.
These collaborations align with Malaysia's National Energy Transition Roadmap (NETR), while supporting Saudi Vision 2030's objectives for global climate leadership.
Marco Arcelli, CEO of ACWA Power, said: “These strategic agreements represent a significant milestone in ACWA Power's expansion in Southeast Asia and reflect our commitment to supporting Malaysia and the broader ASEAN region’s energy transition.”
Arcelli indicated: “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.”
Moreover, ACWA Power signed partnership deals and heads of terms (HoTs) for joint development agreements with Tenaga Nasional Berhad (TNB), Terengganu Inc. and UEM Lestra
They will jointly establish 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 contracts build upon ACWA Power's strong track record across 14 countries, with an investment value of $107.50 billion.
In the first quarter (Q1) of 2025, ACWA Power recorded 44.22% higher net profits at SAR 427.15 million, compared to SAR 296.17 million in Q1-24.
