ACWA Power and Malaysia eye 12.5 GW of power generation by 2040

Various energy agreements were signed between the two parties.

ACWA Power has inked an agreement with Malaysian authorities for the development of up to 12.5 gigawatts of power generation capacity by 2040.

In a statement, ACWA Power said the project has an initial investment value of up to $10b. This will also play a critical role in Malaysia's goal of increasing its installed renewable energy capacity to 70% by 2050.

ACWA Power also signed strategic partnership agreements and heads of terms for Joint Development Agreements with Tenaga Nasional Berhad (TNB), Terengganu Inc. and UEM Lestra. This will be for conducting feasibility studies and jointly developing various energy projects relating to floating solar photovoltaic, combined cycle-gas turbine, and 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,” siad ACWA Power CEO Marco Arcelli.