Saudi Arabia’s ACWA Power has signed a memorandum of understanding (MOU) with Malaysia’s Investment Development Authority (MIDA) to explore power projects worth up to $10 billion. This partnership aims to develop up to 12.5 gigawatts (GW) of power generation capacity by 2040, supporting Malaysia’s ambitious goal to increase renewable energy to 70% of its installed capacity by 2050.
The collaboration also includes joint development agreements with Tenaga Nasional Berhad (TNB), Terengganu, and UEM Lestra to study and develop floating solar photovoltaic (FPV), combined cycle gas turbine (CCGT), and large-scale water desalination projects.
This move strengthens ACWA Power’s global footprint in clean energy and aligns with Malaysia’s sustainable energy transition.