Acwa Power Signs $10 Billion Non-Binding Deals with Malaysia for 13GW Clean Energy Projects

Saudi Arabia’s Acwa Power signed non-binding agreements with Malaysian entities to explore developing around 13 gigawatts of power generation capacity, with total investments projected at $10 billion by 2040. The cooperation focuses on renewable energy, green hydrogen, and advanced water solutions.

The agreements, signed with the Malaysian Investment Development Authority, aim to support Malaysia’s energy transition goals, including increasing renewable energy capacity to 70% by mid-century, phasing out coal by 2044, and reaching net zero by 2050.

Acwa will conduct feasibility studies with Tenaga Nasional Berhad and others on floating solar farms and large-scale desalination. Malaysia, historically reliant on coal, gas, and hydro, may also expand LNG imports to meet rising energy demand.