Latest news with #AcwaPower
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Saudi utility eyes US$10bil of Malaysia renewable projects
Acwa Power Co is expected to undertake joint feasibility studies on floating solar farms and large-scale water desalination with Tenaga Nasional Bhd. (EPA Images pic) RIYADH : Saudi utility Acwa Power Co signed non-binding agreements with Malaysian firms, including to explore the development of about 13GW of power generation capacity, totaling US$10 billion in investments by 2040. 'Acwa's collaborations will include renewable energy, green hydrogen and advanced water solutions,' it said in a statement. One of the world's largest private water desalination companies, Acwa signed the agreement with the Malaysian Investment Development Authority yesterday. The collaboration aims to support Malaysia's goal of increasing installed renewable energy capacity to 70% by mid-century, the company said. The Southeast Asian nation is aiming to phase out coal power by 2044 and achieve net zero by 2050. 'Acwa will undertake joint feasibility studies on floating solar farms and large-scale water desalination with state-controlled utility Tenaga Nasional Bhd and others,' the statement added. Historically, Malaysia has relied on coal, gas and hydro for its power needs, according to BloombergNEF. The country, one of the world's top liquefied natural gas exporters, is also considering expanding imports of the fuel to meet surging power demand.
Bloomberg
2 days ago
- Business
- Bloomberg
Saudi Utility Eyes $10 Billion of Malaysia Renewable Projects
Saudi utility Acwa Power Co. signed non-binding agreements with Malaysian firms, including to explore development of about 13 gigawatts of power generation capacity, totaling $10 billion in investments by 2040. Acwa's collaborations will include renewable energy, green hydrogen and advanced water solutions, it said in a statement. One of the world's largest private water desalination companies, Acwa signed the agreement with the Malaysian Investment Development Authority on Thursday.
Zawya
20-05-2025
- Business
- Zawya
ACWA Power inks $500mln deals with top US firms at key Saudi forum
Saudi-based Acwa Power, the world's largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, has announced the signing of MoUs with US companies, totalling $500 million. Signed at the Saudi–US Investment Forum in Riyadh, these agreements build on Acwa Power's existing partnerships with American firms, which now exceed $6 billion. Building on a long history of collaboration between Saudi Arabia and the US, these agreements further strengthen the strategic partnership between the two nations, driving innovation and investment in the energy sector, and supporting Saudi Arabia's Vision 2030 and ambition to reach net zero emissions by 2060. "These strategic partnerships with leading American companies are a direct investment in the future of Saudi Arabia, aligning with the key objectives of Vision 2030,' said Raad Al Saady, the Vice Chairman and Managing Director of Acwa Power. "We are committed to leveraging American innovation and expertise to accelerate the development of renewable energy solutions, creating jobs, diversifying the economy, and supporting a sustainable future for the Kingdom," he stated. CEO Marco Arcelli pointed out that Acwa Power's strategy was driven by value-driven partnerships like these. "Access to cutting-edge technology and expertise is critical as we diversify our portfolio, expand into new markets, and achieve our objectives in meeting net zero by 2050," he stated. Strengthening its leading role in solar energy, Acwa Power will collaborate to deploy advanced tracker technologies for photovoltaic solar energy projects. This partnership aims to reduce energy costs and increase local production capabilities, he added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
19-05-2025
- Business
- Trade Arabia
Acwa Power inks $500m deals with top US firms at key Saudi forum
Saudi-based Acwa Power, the world's largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, has announced the signing of MoUs with US companies, totalling $500 million. Signed at the Saudi–US Investment Forum in Riyadh, these agreements build on Acwa Power's existing partnerships with American firms, which now exceed $6 billion. Building on a long history of collaboration between Saudi Arabia and the US, these agreements further strengthen the strategic partnership between the two nations, driving innovation and investment in the energy sector, and supporting Saudi Arabia's Vision 2030 and ambition to reach net zero emissions by 2060. "These strategic partnerships with leading American companies are a direct investment in the future of Saudi Arabia, aligning with the key objectives of Vision 2030,' said Raad Al Saady, the Vice Chairman and Managing Director of Acwa Power. "We are committed to leveraging American innovation and expertise to accelerate the development of renewable energy solutions, creating jobs, diversifying the economy, and supporting a sustainable future for the Kingdom," he stated. CEO Marco Arcelli pointed out that Acwa Power's strategy was driven by value-driven partnerships like these. "Access to cutting-edge technology and expertise is critical as we diversify our portfolio, expand into new markets, and achieve our objectives in meeting net zero by 2050," he stated.
Arabian Post
15-05-2025
- Business
- Arabian Post
Saudi Energy Firm Expands US Ties with $500 Million Agreements
Acwa Power has formalised Memorandums of Understanding valued at $500 million with several US companies, reinforcing its strategic collaborations in the energy sector. These agreements were signed during the Saudi-US Investment Forum held in Riyadh, aiming to bolster innovation and investment in renewable energy and infrastructure. The new MoUs build upon Acwa Power's existing partnerships with American firms, which now collectively exceed $6 billion. The latest agreements focus on reducing energy costs and enhancing local production capabilities in solar energy projects. Additionally, Acwa Power is collaborating with GE Vernova to test and implement innovations in core equipment for combined-cycle gas turbine projects and electricity transmission and distribution systems within the Kingdom. GE Vernova's involvement includes the deployment of advanced gas turbines and the provision of maintenance services to support the operations of power plants in Saudi Arabia. This collaboration aligns with Saudi Arabia's Vision 2030 initiative, which seeks to diversify the economy and promote sustainable energy solutions. The Saudi-US Investment Forum served as a platform for strengthening economic ties between the two nations, with a focus on energy, technology, and infrastructure development. The agreements signed by Acwa Power and its American counterparts signify a mutual commitment to advancing energy efficiency and sustainability in the region. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
