Saudi energy producer ACWA Power has signed a series of strategic agreements with Malaysian public and private entities during the ASEAN-GCC Summit in Kuala Lumpur. These partnerships aim to develop up to 12.5 gigawatts of electricity generation capacity in Malaysia by 2040.
The initiative is anchored in a memorandum of understanding with the Malaysian Investment Development Authority (MIDA), under which ACWA Power plans an initial investment of up to $10 billion. The collaboration supports the objectives of Malaysia’s National Energy Transition Roadmap, which targets 70% renewable energy in the country’s mix by 2050.
Expanded agreements with Malaysian state-owned enterprises
In parallel, ACWA Power formalised several joint development agreements and memoranda of understanding with Tenaga Nasional Berhad (TNB), Terengganu Inc., and UEM Lestra. These agreements will support feasibility studies for infrastructure projects involving floating solar photovoltaic (FPV) systems, combined cycle gas turbines (CCGT), and large-scale desalination.
These projects aim to strengthen local energy and water processing capacities while contributing to resource security. The focus on advanced technologies aligns with the shared goals of diversifying energy supply and fostering industrial development.
A regional foothold for ACWA Power
With operations in 14 countries and a global project portfolio valued at $107.5 billion, ACWA Power seeks to reinforce its presence in Southeast Asia. The company is leveraging its technical expertise to meet growing demand for sustainable infrastructure across the region.
“These strategic agreements represent a key milestone in our expansion in Southeast Asia,” said Marco Arcelli, Chief Executive Officer of ACWA Power, in an official statement published on the company’s website.
