ACWA Power, the world’s largest private water desalination company and a global leader in energy transition and green hydrogen, has announced a series of major agreements with key Malaysian entities during the ASEAN-GCC Summit in Kuala Lumpur. These new partnerships could lead to potential investments of up to US$10 billion, marking a bold step in strengthening ties between Saudi Arabia and Southeast Asia in the clean energy sector.
The Memorandum of Understanding (MoU) and Strategic Partnership Agreements (SPA) signed by ACWA Power aim to create strong synergies between Saudi Arabia’s expertise in decarbonisation and Malaysia’s innovative energy ecosystem. The collaborations are aligned with Malaysia's National Energy Transition Roadmap (NETR) and contribute directly to Saudi Vision 2030’s climate and sustainability objectives.
These new partnerships could lead to potential investments of up to US$10 billion, marking a bold step in strengthening ties between Saudi Arabia and Southeast Asia in the clean energy sector
Marco Arcelli, Chief Executive Officer of ACWA Power, said: “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”.
A key highlight is the MoU signed with the Malaysian Investment Development Authority (MIDA) to explore developing up to 12.5 GW of power generation capacity by 2040. The initial investment value could reach up to US$10 billion, playing a critical role in helping Malaysia achieve its goal of 70% renewable energy capacity by 2050.
Additionally, ACWA Power signed Strategic Partnership Agreements and Heads of Terms (HoTs) with Tenaga Nasional Berhad (TNB), Terengganu Inc., and UEM Lestra. These deals focus on feasibility studies and joint development of key infrastructure projects such as floating solar photovoltaic (FPV) systems, combined-cycle gas turbines (CCGT), and large-scale desalination facilities.
These initiatives build on ACWA Power’s proven ability to deliver impactful, commercially viable projects globally. With a portfolio spanning 14 countries and a cumulative investment value of US$107.5 billion, the company continues to lead the charge in global energy transition through innovation and collaboration.
