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ACWA Power, the world’s largest private water desalination company and a key player in the global energy transition, has signed a series of strategic agreements with leading Malaysian entities, marking a major step in expanding its footprint in Southeast Asia. The announcements were made during the ASEAN-GCC Summit held in Kuala Lumpur. The Saudi-headquartered company signed a Memorandum of Understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to explore the development of up to 12.5 GW of power generation capacity in Malaysia by 2040. The proposed investment is valued at up to USD 10 billion and aligns with Malaysia’s ambition to increase its renewable energy capacity to 70% by 2050 under the National Energy Transition Roadmap (NETR). In addition, ACWA Power formalized Strategic Partnership Agreements (SPAs) and Heads of Terms (HoTs) for Joint Development Agreements with several key Malaysian partners, including Tenaga Nasional Berhad (TNB), Terengganu Inc., and UEM Lestra. These agreements aim to conduct feasibility studies and co-develop projects focused on floating solar photovoltaic (FPV) systems, combined cycle gas turbine (CCGT) power plants, and large-scale water desalination facilities. “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,” said Marco Arcelli, CEO of ACWA Power. “By combining our expertise in renewables, water desalination, and green hydrogen with our partners’ local insights, we aim to accelerate clean energy deployment, enable technology transfer, and create long-term economic and social benefits.” The partnerships underscore a broader synergy between Malaysia’s innovation ecosystem and Saudi Arabia’s energy transition leadership. They are expected to contribute to both Malaysia’s sustainability objectives and Saudi Vision 2030, particularly in advancing renewable energy, green hydrogen, and water resilience across Southeast Asia. With operations spanning 14 countries and a total investment portfolio of USD 107.5 billion, ACWA Power continues to drive global energy transformation through impactful collaborations and next-generation technologies. |
