Saudi-listed developer and operator of power and water plants ACWA Power announced on Wenesday that it has signed an agreement with state-owned Malaysian Investment Development Authority (MIDA) to explore the development of up to 12.5 gigawatts (GW) of power generation capacity by 2040, with an initial investment value of up to $10 billion.

The company said in a press statement that this collaboration will contribute towards achieving Malaysia's goal of increasing its installed renewable energy capacity to 70 percent by 2050.

Further, ACWA Power has signed SPAs and Heads of Terms (HoTs) for Joint Development Agreements with Tenaga Nasional Berhad (TNB), Terengganu 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.

(Writing by Deva Palanisamy; Editing by Anoop Menon)

(anoop.menon@lseg.com) 

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