ACWA Power, a publicly listed company in Saudi Arabia and the world’s largest privately owned water desalination provider, has signed a memorandum of understanding with the Malaysian Investment Development Authority (MIDA) to explore clean energy and infrastructure ventures valued at up to USD 10 billion by 2040. The agreement outlines plans to develop up to 12.5 gigawatts (GW) of power generation capacity, including projects in floating solar, combined-cycle gas turbines, and large-scale desalination.
The initiative is closely aligned with Malaysia’s ambition to generate 70% of its electricity from renewable sources by 2050, as outlined in the National Energy Transition Roadmap (NETR). In addition to the MIDA partnership, ACWA Power has also signed joint development agreements with key Malaysian stakeholders including Tenaga Nasional Berhad (TNB), Terengganu Inc., and UEM Lestra. These agreements cover feasibility studies and collaborative development of major renewable energy and water infrastructure projects, such as floating solar photovoltaic (FPV) systems, gas-powered turbines, and advanced desalination plants. The collaboration aims to drive innovation, enable knowledge exchange, and speed up the deployment of sustainable solutions within Malaysia’s energy and water sectors.
The move marks a major push by ACWA Power into Southeast Asia, expanding its presence beyond its existing operations in 14 countries with a global investment portfolio surpassing USD 107.5 billion. As Malaysia looks to diversify its energy mix and scale up its climate resilience, this partnership is positioned to play a transformative role in supporting the country’s clean energy transition. It also reinforces ACWA Power’s broader commitment to advancing global sustainability through strategic international partnerships and cutting-edge energy technologies.
(Sources: Energy News; Zawya)
