KUALA LUMPUR, May 31 – The Malaysian Investment Development Authority (MIDA) and ACWA Power have signed a landmark USD10 billion Memorandum of Understanding (MOU) to develop clean energy infrastructure across Malaysia, targeting 12.5 GW of capacity by 2040. Announced during the ASEAN-GCC Summit, the strategic alliance aims to propel Malaysia’s green transition in alignment with the National Energy Transition Roadmap and Saudi Arabia’s Vision 2030.
The agreement also brings together major Malaysian stakeholders including TNB Power Generation, UEM Lestra, and Terengganu Inc., enhancing collaboration on renewable energy, green hydrogen, and water solutions. This partnership is set to position Malaysia as Southeast Asia’s leading hub for sustainable investment, with MIDA facilitating ACWA Power’s entry through supportive policies and incentives such as the Green Investment Tax Allowance.
ACWA Power CEO Marco Arcelli emphasized the company’s commitment to accelerating Southeast Asia’s energy transition by leveraging its global portfolio and clean tech expertise. With RM20.8 billion in green investments approved in 2024 alone, this collaboration promises not only to strengthen Malaysia’s energy security but also to generate high-skilled jobs, transfer technology, and catalyze long-term economic growth.
