ACWA Power Signs Deals To Develop 12.5 GW Of Energy Projects In Malaysia

2025-05-29 09:31:28

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 29. ACWA Power has signed a series of agreements with Malaysian entities to support the country's renewable energy and water infrastructure goals, Trend reports.

The announcements were made during the ASEAN-GCC Summit in Kuala Lumpur.

The company signed a Memorandum of Understanding with the Malaysian Investment Development Authority (MIDA) to explore the development of up to 12.5 GW of power generation capacity by 2040. The proposed investment could reach up to $10 billion. The initiative aligns with Malaysia's National Energy Transition Roadmap, which aims to increase the country's renewable energy capacity to 70% by 2050.

ACWA Power also signed Strategic Partnership Agreements and Heads of Terms with several Malaysian partners, including Tenaga Nasional Berhad (TNB), Terengganu Inc., and UEM Lestra. These agreements focus on feasibility studies and joint development of energy projects such as floating solar photovoltaics, combined-cycle gas turbines, and large-scale water desalination.

According to ACWA Power CEO Marco Arcelli, the partnerships combine ACWA Power's international experience in clean energy and water solutions with local expertise to support Malaysia's decarbonisation and economic development goals.

ACWA Power operates in 14 countries and manages an investment portfolio valued at over USD 100 billion. The new agreements mark an expansion of the company's presence in Southeast Asia.

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