Latest news with #ACWAPower
Yahoo
2 days ago
- Business
- Yahoo
ACWA Power gains Malaysian partners for investments of up to $10bn
Saudi Arabia-based energy transition and water desalination company ACWA Power has announced the signing of a memorandum of understanding (MoU) and strategic partnership agreements (SPAs) with major Malaysian entities for investments of up to $10bn. The partnerships, formed during the ASEAN-GCC summit held in Kuala Lumpur, Malaysia on 27 May 2025, aim to leverage the country's ecosystem and Saudi Arabia's expertise in energy transitions while supporting decarbonisation efforts across Southeast Asia. ACWA Power signed an MoU with the Malaysian Investment Development Authority (MIDA) to explore the development of up to 12.5GW of power generation capacity by 2040, involving an initial investment of $10bn. This partnership will help Malaysia raise its installed renewable energy capacity to 70% by 2050. ACWA Power has also signed SPAs, along with heads of terms (HoTs) for joint development agreements, with Tenaga Nasional Berhad (TNB), Terengganu and UEM Lestra. These agreements will facilitate feasibility studies and joint development of projects, including floating solar photovoltaic systems (FPV), combined cycle-gas turbine technology (CCGT) and large-scale water desalination. The collaborations unlock opportunities across renewable energy, green hydrogen production and advanced water solutions, aligning with Malaysia's National Energy Transition Roadmap (NETR). They will also contribute towards achieving objectives set out by Saudi Vision 2030 for global climate leadership. ACWA Power CEO Marco Arcelli stated: 'These strategic agreements represent a significant milestone in ACWA Power's expansion in Southeast Asia and reflect our commitment to supporting Malaysia and the broader ASEAN region's energy transition. 'By combining our global expertise in renewables, water desalination, and green hydrogen with the local knowledge of our Malaysian partners, we are not only accelerating the deployment of clean energy solutions but also fostering technology transfer, job creation and long-term economic growth and social well-being of the local community.' In February 2025, ACWA Power entered a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 2GW wind project in Egypt. "ACWA Power gains Malaysian partners for investments of up to $10bn" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Zawya
3 days ago
- Business
- Zawya
Iraq in advanced talks with Saudi's ACWA Power and UAE's Masdar for solar plants
Iraq's Ministry of Electricity announced on Thursday that it is close to finalising agreements with Saudi Arabia's ACWA Power and the UAE's Masdar to build solar power stations across the country. Speaking to the Iraqi News Agency (INA), ministry spokesperson Ahmed Musa said discussions are advancing with ACWA Power for a 1,000-megawatt (MW) solar power plant in Najafm and with Masdar to develop four solar power plants with a combined capacity of 1,000 MW. In March, Iraq started construction of its largest solar power project - the 1,000 MW Basra Sun. Musa said the talks are part of Iraq's broader strategy to diversify its energy sources and reduce dependency on imported gas, adding that the the OPEC member's power sector is currently facing a 4,000 MW deficit due to reduced gas imports from Iran, which resulted in the shutdown of several power generation units. Musa disclosed that 93 percent of the electricity interconnection project with GCCIA has been completed, and connections with Jordan and Turkey are already contributing to Iraq's grid. At the start of May, Iraq's Wasit province issued a tender for 3,000 MW of renewable energy projects. Prior to that, in April, the Iraqi government signed an agreement with US-based UGT Renewables for the development of a 3,000 MW solar power project coupled with a Battery Energy Storage System (BESS) providing 500 megawatt-hours (MWh). (Writing by Majda Muhsen; Editing by Anoop Menon)
Arabian Business
4 days ago
- Business
- Arabian Business
Saudi's ACWA Power eyes $10bn investment through new partnerships in Malaysia
Saudi-based ACWA Power announced the signing of a Memorandum of Understanding (MoU) and a Strategic Partnership Agreements (SPAs) with key Malaysian entities. The agreements include an MoU with the Malaysian Investment Development Authority (MIDA) to explore the development of up to 12.5GW of power generation capacity by 2040. With an initial investment value of up to $10 billion, the collaboration is to play a pivotal role in achieving Malaysia's goal of increasing its installed renewable energy capacity to 70 per cent by 2050. ACWA Power has also signed SPAs and Heads of Terms (HoTs) for joint development agreements with Tenaga Nasional Berhad (TNB), Terengganu Inc. and UEM Lestra. These are for conducting feasibility studies and jointly developing various energy projects relating to floating solar photovoltaic (FPV), combined cycle-gas turbine (CCGT) and large-scale water desalination to accelerate Malaysia's sustainable energy and water infrastructure development. The partnership pacts, signed during the ASEAN-GCC Summit in Kuala Lumpur, Malaysia, are aimed to create powerful synergy between Malaysia's innovative ecosystem and Saudi Arabia's energy transition expertise. Besides, they also aim to support decarbonisation efforts and establish a strategic platform for sustainable development across Southeast Asia. Marco Arcelli, Chief Executive Officer of ACWA Power, said the agreements represent a significant milestone in the company's expansion in Southeast Asia and reflect its commitment to supporting Malaysia and the broader ASEAN region's energy transition. 'By combining our global expertise in renewables, water desalination, and green hydrogen with the local knowledge of our Malaysian partners, we are not only accelerating the deployment of clean energy solutions but also fostering technology transfer, job creation, and long-term economic growth and social well-being of the local community,' he said.
Iraqi News
4 days ago
- Business
- Iraqi News
UAE's Masdar, Saudi Arabia's ACWA Power to build 5 solar power plants in Iraq
Baghdad ( – The spokesperson for the Iraqi Minister of Electricity, Ahmed Musa, revealed on Thursday that the Iraqi government will sign agreements soon with UAE-based Masdar and Saudi Arabia's ACWA Power to build five solar power plants. In a statement to the state-run news agency (INA), Musa explained that the Iraqi Electricity Ministry seeks to reach deals with major companies to build solar power plants in a step aiming to diversify Iraq's energy sources and adopt renewable energy, particularly solar energy. Solar power plants are currently under construction in the Iraqi provinces of Basra, Muthanna, Karbala, Babylon, and Dhi Qar, according to Musa. The Iraqi official added that ACWA Power will build a 1,000-megawatt solar power plant in the central Iraqi province of Najaf, and Masdar will build four plants with a total capacity of 1,000 megawatts. Given the country's expanding power demand, the Iraqi government is implementing initiatives to diversify its energy sources and achieve its energy sector sustainability. In 2023, the Iraqi Ministry of Electricity intended to negotiate contracts with major corporations such as France-based TotalEnergies to build a 1,000-megawatt power plant in Basra and China-based PetroChina to establish another 750-megawatt power plant in Muthanna. The Iraqi government has approved a proposal to award contracts to specialist businesses to create 7,500 megawatts of solar energy by 2030. These projects are part of a larger national plan that intends to generate 12,000 megawatts of solar energy.
Asharq Al-Awsat
4 days ago
- Business
- Asharq Al-Awsat
Saudi Arabia's ACWA Power Signs MoU to Develop Renewables Capacity in Malaysia
Saudi Arabia's ACWA Power said on Thursday it had signed a preliminary agreement to develop up to 12.5 gigawatts of renewable energy generating capacity in Malaysia with an initial investment of up to $10 billion. The renewable energy utility said in a statement it agreed a memorandum of understanding with the Malaysian Investment Development Authority to explore developing the capacity by 2040. Malaysia wants renewable energy to make up 70% of its power mix by 2050. ACWA Power said it also signed strategic partnership agreements with several Malaysian companies for possible energy projects, including for large-scale water desalination. "These strategic agreements represent a significant milestone in ACWA Power's expansion in Southeast Asia and reflect our commitment to supporting Malaysia and the broader ASEAN region's energy transition," ACWA Power CEO Marco Arcelli said in the statement.
