Latest news with #waterdesalination
Trade Arabia
20 hours ago
- Business
- Trade Arabia
ACWA Power enters potential $10bn investment deals in Malaysia
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 memorandum of understanding (MoU) and strategic partnership agreements (SPA) with key Malaysian entities during the ASEAN-GCC Summit in Kuala Lumpur, Malaysia. These partnerships create a powerful synergy between Malaysia's innovative ecosystem and Saudi Arabia's energy transition expertise, supporting decarbonisation efforts, and establishing a strategic platform for sustainable development across Southeast Asia, said a statement. By unlocking unprecedented opportunities in renewable energy, green hydrogen, and advanced water solutions, these collaborations are fully aligned with Malaysia's National Energy Transition Roadmap (NETR), while contributing to Saudi Vision 2030's objectives for global climate leadership. Marco Arcelli, Chief Executive Officer of ACWA Power, said: "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. These partnerships are a testament to our shared vision for a sustainable future." ACWA Power has entered into 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. This collaboration will play a pivotal role in achieving Malaysia's goal of increasing its installed renewable energy capacity to 70% by 2050. Further, ACWA Power has signed SPAs and Heads of Terms (HoTs) for Joint Development Agreements with Tenaga Nasional Berhad (TNB), Terengganu Inc. and UEM Lestra to conduct feasibility studies and jointly develop 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.
Yahoo
3 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.
Asharq Al-Awsat
5 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.
Zawya
5 days ago
- Business
- Zawya
Saudi Arabia's ACWA Power signs deal to develop renewables capacity in Malaysia
DUBAI - 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 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 CEO Marco Arcelli said in the statement. (Reporting by Federico Maccioni; Editing by Joe Bavier)
CNA
5 days ago
- Business
- CNA
Saudi Arabia's ACWA Power signs MoU to develop renewables capacity in Malaysia
DUBAI :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 per cent of its power mix by 2050. ACWA 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 CEO Marco Arcelli said in the statement.
