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.
