Latest news with #TenagaNasional
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.
Free Malaysia Today
3 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.
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.
Argaam
5 days ago
- Business
- Argaam
ACWA Power signs MoUs with Malaysian companies
ACWA Power Co. signed multiple memorandums of understanding (MoU) and strategic partnership agreements with Malaysian companies during the ASEAN-GCC Summit held in Kuala Lumpur. In a statement received by Argaam, the company said it signed a MoU with the Malaysian Investment Development Authority to explore power generation projects totaling up to 12.5 gigawatts by 2040, with initial investments reaching $10 billion. ACWA Power also signed heads of terms agreements to pursue joint projects with Tenaga Nasional Berhad (TNB), Terengganu Inc., and UEM Lestra. These projects include floating photovoltaic (FPV) solar systems, combined-cycle gas turbine plants, and large-scale desalination facilities. The agreements aim to accelerate sustainable infrastructure development in Malaysia's energy and water sectors through feasibility studies and co-development. 'Our agreements mark a key milestone in Southeast Asia,' said ACWA Power CEO Marco Arcelli. 'They reflect our commitment to Malaysia's energy transition and leverage our global expertise in renewables, desalination, and green hydrogen,' he added. Arcelli noted that combining ACWA Power's capabilities with local partners' knowledge will fast-track clean energy deployment, drive technology transfer, create jobs, and support long-term economic growth.
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
TNB powers progress with operational excellence, strengthens impact on community
TNB is committed to supporting the smooth execution of the Asean Summit 2025, in line with Malaysia's role as this year's Asean chair. (TNB pic) PETALING JAYA : Tenaga Nasional Bhd continued to deliver steady performance for the first quarter of 2025 (Q1 2025), supported by ongoing domestic economic growth. In a statement, TNB said consumption from the commercial sectors grew by 5.1%, largely driven by the rise in energy-intensive industries such as data centres. 'As of first quarter 2025, the group had energised 21 data centres and secured 43 supply agreements, with a total committed load of around 6.4GW, reinforcing its role as a key enabler of the nation's digital and industrial transformation,' it said. TNB president and CEO Megat Jalaluddin Megat Hassan said the firm was strongly focused on sustaining stable performance while creating long-term value for shareholders. 'Through prudent cost management, reliable service delivery and a clear commitment to nation-building, we continue to provide consistent value despite ongoing global challenges,' he said. The statement also said the appreciation of the ringgit against the US dollar from RM4.73 in March 2024 to RM4.44 in March 2025 helped ease pressure on fuel and capital expenditures, with forex gains turning positive due to the stronger currency. Expanding international renewable energy footprint The utility firm has expanded its international renewables portfolio with the development of its first solar greenfield project in Eastfields and Bunkers Hill, United Kingdom, slated to be commissioned in the second quarter of 2025. 'These projects are part of TNB's long-term strategy to secure foreign-denominated returns while supporting global energy transition goals. The returns and insights from these international ventures contribute to TNB's financial strength and energy transition efforts at home.' Giving back by empowering communities In line with TNB's aim to drive a positive and meaningful impact on the community, the utility firm allocated 1% of its profit after tax to programmes focused on social development, education, the environment and sports. In Q1 2025 alone, TNB channelled more than RM45 million to support rakyat-centric initiatives across the country. 'Our programmes reflect a long-term investment in the communities we serve, ensuring no child is left behind in Malaysia's journey towards a more inclusive, knowledge-based economy,' TNB chairman Abdul Razak Abdul Majid said. A significant portion of TNB's contribution – RM36 million – channelled through Universiti Tenaga Nasional and Yayasan Tenaga Nasional sponsorship, has benefitted more than 20,000 students nationwide. The firm provided RM1 million for its back-to-school support programme 'Ceria ke Sekolah' in 40 locations to help 8,000 underprivileged children, and RM1.5 million during Ramadan as food aid and for community events and religious programmes benefitting over 50,000 people. TNB also disbursed almost RM4 million to over 14,000 asnaf recipients, covering Projek Baiti Jannati, house repairs and rewiring, support for the poor and other causes, including mosque and surau upgrades, education centre support, and more. TNB allocated nearly RM300,000 for healthcare, including medical equipment for Hospital Rehabilitasi Cheras and Hospital Pakar Universiti Sains Malaysia, patient support at Hospital Sultan Zainal Abidin and cancer support initiatives by Pertubuhan Prihatin dan Sokongan Kanser Wanita and for World Cancer Day 2025. It also contributed more than RM300,000 to assist more than 2,000 individuals affected by floods and storms across several states. More than 1,200 Orang Asli individuals in Royal Belum and Slim River, Perak, have also benefitted from RM110,000 in targeted aid from TNB. For sports, TNB allocated over RM2.1 million to support hockey development, reaching over 5,000 individuals, through contributions to the Malaysian Hockey Confederation, as well as funding for training, clinics, equipment and more. Additionally, the utility firm expanded its 'Sekolah Angkat TNB' programme to cover 50 schools nationwide, up from the 36 previously, with an investment of about RM2.3 million.
