Saudi Arabia’s ACWA Power agreed to a memorandum of understanding with Malaysia’s investment authority to develop up to 12.5 gigawatts of renewable energy capacity in Malaysia by 2040. The preliminary agreement envisions ACWA investing up to $10 billion in solar, wind, or other renewable projects over the next 15 years. The deal aligns with Malaysia’s goal for 70% of its electricity to come from renewables by 2050.

ACWA Power, known for large-scale power and desalination projects, also inked partnerships with several Malaysian firms for potential collaborations, including ventures in large-scale water desalination powered by clean energy. ACWA’s CEO, Marco Arcelli, stated that these strategic agreements mark a significant milestone in ACWA’s expansion into Southeast Asia, demonstrating the company’s commitment to support energy transition efforts in the ASEAN region. Further details on specific projects are expected as feasibility studies and regulatory approvals proceed.

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REUTERS/Youssef Boudlal