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.
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