Kuala Lumpur: ACWA Power, renowned as the world's largest private water desalination company, has entered into a memorandum of understanding (MOU) with the Malaysian Investment Development Authority (MIDA) to propel strategic investment projects aimed at enhancing clean energy infrastructure across Malaysia.
According to BERNAMA News Agency, the partnership aims to achieve a capacity of 12.5 gigawatts (GW) by 2040, with an estimated investment value of US$10 billion (US$1 = RM4.24). This collaboration, formalized on the sidelines of the 2nd ASEAN-Gulf Cooperation Council (GCC) Summit, extends to additional strategic agreements with TNB Power Generation Sdn Bhd, UEM Lestra Bhd, and Terengganu Incorporated Sdn Bhd. The alliance seeks to leverage Malaysia's innovative ecosystem alongside Saudi Arabia's energy transition expertise.
The initiative emphasizes the advancement of renewable energy, green hydrogen, and advanced water solutions, aligning with Malaysia's National Energy Transition Roadmap (NETR) and Saudi Vision 2030's climate leadership objectives. The MOU exchange was attended by key figures, including Deputy Prime Minister and Minister of Energy Transition and Water Transformation, Datuk Seri Fadillah Yusof, and Minister of Investment, Trade and Industry, Tengku Datuk Seri Utama Zafrul Aziz.
Tengku Zafrul expressed support for the collaboration, highlighting its alignment with Malaysia's New Industrial Master Plan 2030 and the National Energy Transition Roadmap. He emphasized the partnership's role in achieving energy security and transitioning towards Malaysia's Net Zero goal by 2050.
MIDA's CEO, Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, remarked on the partnership's significance in Malaysia's green energy journey, underscoring the country's position as Southeast Asia's leading destination for sustainable investment. He noted that international collaborations, such as the one with ACWA Power, expedite the transition to a low-carbon economy while fostering high-skilled jobs and technological innovation in Malaysia's renewable energy sector.
ACWA Power's CEO, Marco Arcelli, described the agreement with MIDA as a pivotal milestone in the company's expansion in Southeast Asia. He reiterated ACWA Power's commitment to supporting Malaysia and the wider ASEAN region's energy transition towards a sustainable, low-carbon future.