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ACWA Power, the world’s largest private water desalination company and a key player in the global energy transition, has announced the signing of multiple Memoranda of Understanding (MoU) and Strategic Partnership Agreements (SPA) with leading Malaysian entities during the ASEAN-GCC Summit in Kuala Lumpur. The partnerships mark a major step in ACWA Power’s expansion into Southeast Asia and aim to accelerate decarbonisation, foster green hydrogen production, and develop advanced water solutions, aligning with Malaysia’s National Energy Transition Roadmap (NETR) and Saudi Arabia’s Vision 2030 for climate leadership. “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, Chief Executive Officer of ACWA Power. “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.” USD 10 Billion Investment and 12.5GW Ambition In one of the key agreements, ACWA Power signed 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 of up to USD 10 billion. This initiative will significantly contribute to Malaysia’s goal of raising its renewable energy share to 70% of installed capacity by 2050. Joint Development of Energy and Water Projects ACWA Power also signed Strategic Partnership Agreements and Heads of Terms (HoTs) for Joint Development Agreements (JDAs) with Tenaga Nasional Berhad (TNB), Terengganu Inc., and UEM Lestra. These collaborations aim to conduct feasibility studies and jointly develop projects such as floating solar photovoltaic (FPV) systems, combined cycle gas turbine (CCGT) plants, and large-scale water desalination infrastructure. The joint efforts are set to accelerate Malaysia’s sustainable energy and water development while enhancing energy security and resilience. A Growing Global Footprint With operations in 14 countries and a global investment value of USD 107.5 billion, ACWA Power continues to drive the global energy transition. These new agreements in Malaysia underscore the company’s strategic focus on expanding its footprint in Southeast Asia through innovative, commercially viable projects and long-term partnerships. The initiatives reflect a broader momentum toward regional collaboration in addressing climate change, infrastructure development, and the deployment of clean energy technologies at scale. |
