Saudi Arabia’s ACWA Power announced today the signing of a Memorandum of Understanding (MoU) and Strategic Partnership Agreements (SPA) with key entities in Malaysia during the ASEAN-GCC Summit in Kuala Lumpur.
These partnerships create a powerful synergy between Malaysia’s innovative ecosystem and Saudi Arabia’s energy transition expertise, supporting decarbonization efforts, and establishing a strategic platform for sustainable development across Southeast Asia.
ACWA Power to develop 12.5GW of power generation capacity by 2040
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 $10 billion. This collaboration will play a pivotal role in achieving Malaysia’s goal of increasing its installed renewable energy capacity to 70 percent by 2050.
Furthermore, ACWA Power signed SPAs and heads of terms 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 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. 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. These partnerships are a testament to our shared vision for a sustainable future,” stated Marco Arcelli, CEO of ACWA Power.
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Company leads global energy transition
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.
These agreements also 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 $107.5 billion, ACWA Power continues to lead the global energy transition through strategic partnerships and cutting-edge technology.
