Saudi Arabia’s ACWA Power has signed multiple strategic agreements to develop up to 12.5 GW of power generation capacity in Malaysia by 2040. The USD10 billion initiative was unveiled during the ASEAN-GCC Summit in Kuala Lumpur and aligns with Malaysia’s National Energy Transition Roadmap goal of reaching 70 percent renewable energy (RE) by 2050.
The deals include a Memorandum of Understanding with the Malaysian Investment Development Authority (MIDA) and Joint Development Agreements with Tenaga Nasional Berhad, Terengganu Inc., and UEM Lestra. Planned projects will explore floating solar, combined cycle gas turbine plants, and large-scale desalination facilities.
The collaboration combines ACWA Power’s expertise in clean energy and water with local partners’ insights to support Malaysia’s sustainability goals and Saudi Vision 2030. The company currently operates in 14 countries with a global investment portfolio of USD107.5 billion.