Renewable Energy Acwa Power enters Malaysia with $10bn investment plan By Pramod Kumar May 28, 2025, 4:21 PM Acwa Power/Media Gallery A new era of green energy for Malaysia as MIDA and Acwa Power join forces to develop 12.5 GW of sustainable projects with an initial $10 billion investment Renewable energy focus Water desalination included Feasibility studies planned Saudi Arabian energy company Acwa Power and the state-backed Malaysian Investment Development Authority (MIDA) have agreed to collaborate on developing 12.5 gigawatts (GW) worth of green projects in Malaysia by 2040. The initial investment will amount to $10 billion, supporting Kuala Lumpur’s target of increasing its installed renewable energy capacity to 70 percent by 2050, the company stated in a press release. In addition, Acwa Power, which is listed on the Saudi stock exchange and is backed by the kingdom’s $940 billion Public Investment Fund (PIF), signed share purchase agreements and heads of terms for joint development with state-run Tenaga Nasional Berhad and Terengganu Inc. as well as UEM Lestra, a subsidiary of a company owned by Malaysia’s sovereign wealth fund. The companies will conduct feasibility studies and develop various energy projects related to floating solar PVs, combined cycle-gas turbines and large-scale water desalination. No project details were given. Acwa Power has a portfolio of 101 projects in operation, advanced development, or under construction with an investment value of SAR403 billion ($107.5 billion). These projects will generate almost 79GW of power and manage 9.5 million cubic metres per day of desalinated water. Acwa Power’s $2bn capital top-up approved Acwa Power signs green hydrogen supply deal with Germany Acwa Power bolsters renewables presence in China Earlier this month Saudi Arabia’s market regulator approved Acwa Power’s capital top-up request through a rights issue worth SAR7.2 billion to support its global expansion. The company is 44 percent owned by PIF, according to stock exchange data. Its share was trading marginally lower at SAR269.80 on Wednesday afternoon on the Saudi bourse. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
