ACWA Power has signed several new agreements in Malaysia. These were announced during the ASEAN-GCC Summit held in Kuala Lumpur. The agreements include a Memorandum of Understanding (MoU) with the Malaysian Investment Development Authority (MIDA) and Strategic Partnership Agreements (SPAs) with companies including Tenaga Nasional Berhad (TNB), Terengganu Inc., and UEM Lestra.
The MoU with MIDA outlines plans to explore power projects with up to 12.5 gigawatts (GW) of capacity in Malaysia by 2040. The projects are expected to involve an estimated investment of up to 10 billion U.S. dollars. ACWA Power and its partners will focus on developing clean energy solutions such as floating solar power, gas turbines, and desalination facilities.
The SPAs and related agreements will include feasibility studies. These will evaluate how to build and operate floating solar photovoltaic (FPV) plants, combined cycle-gas turbine (CCGT) plants, and large-scale desalination systems. These projects support Malaysia’s energy transition plans and aim to increase the country’s use of renewable energy.
In addition to this activity in Malaysia, ACWA Power continues work on other renewable energy and water-related projects in the Middle East. In Jordan, ACWA Power is advancing the 61.3 MWp Mafraq PV solar project, which has been in operation since 2019. It also operates a 150 MW solar project in Sakaka, Saudi Arabia, which feeds power into the local grid.
In Oman, ACWA Power has a stake in the Ibri II solar project with an installed capacity of 500 MW. The plant is already operational. ACWA Power is also involved in wind projects in Uzbekistan and hydrogen pilot initiatives in NEOM, Saudi Arabia, though the Malaysia agreements represent one of its first major multi-sector deals in Southeast Asia.
These developments add to the company’s growing energy and water portfolio in Asia and the Gulf region.
