RIYADH: Saudi Arabia’s Acwa Power Co has signed non-binding agreements with Malaysian partners to explore up to US$10 billion in investments by 2040, focused on renewable energy, green hydrogen, and advanced water solutions.
The agreements include plans to jointly develop approximately 13GW of power generation capacity and conduct feasibility studies for floating solar farms and large-scale water desalination projects. State-owned utility Tenaga Nasional Bhd is among the Malaysian parties involved.
The initiative aligns with Malaysia’s ambition to increase renewable energy capacity to 70% by mid-century, phase out coal by 2044, and achieve net zero by 2050. Acwa’s partnership was formalised through an MoU with the Malaysian Investment Development Authority.
As Malaysia continues its transition from coal and gas to cleaner energy sources, the collaboration signals growing foreign investor interest in the country’s decarbonisation pathway. Acwa Power is one of the world’s leading private water desalination companies and a key player in sustainable energy infrastructure.
