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ACWA Power Signs $10 Billion MoU and Strategic Agreements to Boost Malaysia’s Green Energy Transition

ACWA Power has signed a Memorandum of Understanding (MoU) with the Malaysian Investment Development Authority (MIDA) and strategic partnership agreements with key Malaysian entities to support Malaysia’s energy transition goals. Announced during the ASEAN-GCC Summit in Kuala Lumpur, the MoU outlines plans to develop up to 12.5 GW of power generation capacity in Malaysia by 2040, backed by an investment of up to USD 10 billion.

In addition, ACWA Power has inked Strategic Partnership Agreements (SPAs) and Heads of Terms (HoTs) with Tenaga Nasional Berhad (TNB), Terengganu Inc., and UEM Lestra to conduct feasibility studies and jointly develop projects in floating solar PV, combined-cycle gas turbine (CCGT), and large-scale desalination. These collaborations are aimed at accelerating Malaysia’s clean energy deployment and enhancing water infrastructure.

ACWA Power CEO Marco Arcelli emphasized that the agreements represent a key step in the company's Southeast Asia expansion and align with Malaysia’s National Energy Transition Roadmap (NETR) and Saudi Arabia’s Vision 2030. The partnerships aim to foster technology transfer, job creation, and long-term socioeconomic development by integrating ACWA’s global clean energy expertise with local capabilities.

These moves position Malaysia as a regional hub for sustainable energy development and reaffirm ACWA Power’s growing role in driving decarbonization and climate leadership across the ASEAN region.