Malaysia to witness $10bn investment from ACWA Power in renewable energy sector: prime minister

Saudi utility firm ACWA Power has expressed interest in investing $10 billion in Malaysia over the next 10 years to develop renewable energy projects.

According to a report by the Malaysian National News Agency Bernama, ACWA Power will collaborate with Cypark Resources Bhd on the developments.

Malaysian Prime Minister Anwar Ibrahim confirmed this news on his Facebook page following a meeting with ACWA Power Chairman Mohammad Abunayyan on the sidelines of the World Economic Forum in Riyadh.

Ibrahim said that the Saudi firm is prepared to collaborate with strategic partners in Malaysia to develop multiple renewable projects across various states in the nation.

“I express my appreciation for ACWA Power’s commitment to increasing its investments in Malaysia and informing that the country always welcomes any effort that contributes to the economic growth of the country and the prosperity of the people,” Ibrahim wrote on his Facebook page.

He added that ACWA Power has already presented several investment proposals, which include developing renewable sites in Kelantan, Perlis, and Johor, as well as in Terengganu and Sarawak.

The prime minister said Malaysia will continue to implement investment-friendly policies, with a focus on initiatives ensuring that every deal is simplified and expedited.

Earlier this month, ACWA Power signed a new agreement with SOCAR, the state oil company of Azerbaijan, to accelerate the development of renewable projects in the nation.

“The primary directive of the agreement will be to enhance SOCAR’s carbamide fertilizer facility, striving toward more value-added low-carbon products,” said ACWA Power in a statement at that time.

In the same month, the Saudi-listed firm also signed another deal with the International Renewable Energy Agency to accelerate the adoption of clean energy worldwide.

Under the deal, the utility developer will work closely with IRENA to share crucial insights on infrastructure investment in renewable energy, green hydrogen advancement, solar energy, and the intersection of energy and water.

ACWA Power and IRENA will also investigate avenues to mobilize finance and investment for renewable projects, along with supporting infrastructure for the development, storage, distribution, and transmission of clean energy.