​​​​​Riyadh, Kingdom of Saudi Arabia: ACWA Power, the world’s largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, 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. 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 USD 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.

These agreements build upon ACWA Power's strong track record of delivering high- impact, commercially viable projects across its global portfolio. With operations in 14 countries and an investment value of USD 107.5 billion, ACWA Power continues to lead the global energy transition through strategic partnerships and cutting-edge technology.

About ACWA Power

ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a leader in the global energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 14 countries in the Middle East, Africa, Central Asia, and Southeast Asia. ACWA Power’s portfolio comprises 101 projects in operation, advanced development, or under construction with an investment value of SAR 403 billion (USD 107.5 billion) and the capacity to generate 78.9GW of power and manage 9.5 million m3/day of desalinated water. This energy and water are delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models.

Learn more: www.acwapower.com

ACWA Power Media contacts:  
Media Inquiries
media.inquiries@acwapower.com

Mohammed Al Hasan
Media Lead – Media Affairs & External Comms Moalhasan@acwapower.com

Yahya Hamidaddin
Executive Director – Media Affairs & External Comms YHamidaddin@acwapower.com