Saudi power-and-water firm explores $10bn-worth of Malaysia power
Saudi Arabia’s ACWA Power has entered into a memorandum of understanding (MoU) with the Malaysian Investment Development Authority to explore developing up to 12.5GW of power generation capacity by 2040, with an initial investment value of up to $10bn.
The power and water desalination company has also signed up to partnering with Tenaga Nasional Berhad, Terengganu and UEM Lestra to conduct feasibility studies and jointly develop various energy projects, including combined cycle-gas turbine and large-scale water desalination.
The tie-ups were announced at the ASEAN–GCC Summit in Kuala Lumpur.
All parties will combine their expertise in renewables, water desalination, and green hydrogen to accelerate clean energy development.
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