MIDA, ACWA Power launch US$10 bln partnership on sidelines of ASEAN-GCC Summit
KUALA LUMPUR: ACWA Power, the world's largest private water desalination company, has signed a memorandum of understanding (MOU) with the Malaysian Investment Development Authority (MIDA) to facilitate strategic investment projects in clean energy infrastructure across Malaysia.
The partnership targets 12.5 gigawatts (GW) of capacity by 2040, with an estimated investment value of US$10 billion (US$1 = RM4.24).
Signed on the sidelines of the 2nd ASEAN-Gulf Cooperation Council (GCC) Summit, the collaboration includes additional strategic agreements with TNB Power Generation Sdn Bhd, UEM Lestra Bhd, and Terengganu Incorporated Sdn Bhd, forming a powerful alliance that combines Malaysia's innovative ecosystem with Saudi Arabia's expertise in energy transition.
The partnership focuses on advancing renewable energy, green hydrogen, and advanced water solutions, aligning with Malaysia's National Energy Transition Roadmap (NETR) and Saudi Vision 2030's climate leadership objectives.
The MOU exchange was witnessed by Deputy Prime Minister and Minister of Energy Transition and Water Transformation, Datuk Seri Fadillah Yusof; Minister of Investment, Trade and Industry, Tengku Datuk Seri Utama Zafrul Aziz; Saudi Arabia's Deputy Minister for Economic and Development Affairs, Abdullah Bin Zarah; and Saudi Arabia's Deputy Minister of International Relations at the Saudi Ministry of Investment, Sara Al-Sayed.
'We welcome this US$10 billion collaboration between MIDA and ACWA Power, which supports the objectives of our New Industrial Master Plan 2030 and National Energy Transition Roadmap, as Malaysia charts its way to achieving energy security and transition, especially for its industries, as well as the country's Net Zero goal by 2050,' said Tengku Zafrul.
MIDA chief executive officer (CEO) Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said the partnership marks a defining moment in Malaysia's green energy journey, positioning the country as Southeast Asia's premier destination for sustainable investment.
'Through this collaboration, we are demonstrating how international partnerships, such as the one with ACWA Power, can fast-track our transition to a low-carbon economy while creating high-skilled jobs and driving technological innovation in Malaysia's renewable energy sector,' he added.
Meanwhile, ACWA Power's CEO, Marco Arcelli, said this strategic agreement with MIDA represents a significant milestone in ACWA Power's expansion in Southeast Asia and reflects its commitment to supporting Malaysia and the broader ASEAN region's energy transition towards a sustainable, low-carbon future.
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