Saudi Firm ACWA Power Eyes $10 Billion Investment in Malaysia
In an ambitious move, Saudi utility firm ACWA Power is looking to invest $10 billion in Malaysia over the next decade to spearhead renewable energy projects. This significant development comes as ACWA Power collaborates with Cypark Resources Bhd on the upcoming ventures.
Malaysian Prime Minister Confirms Collaboration
Malaysian Prime Minister Anwar Ibrahim took to Facebook to confirm the partnership after meeting with ACWA Power Chairman Mohammad Abunayyan during the World Economic Forum in Riyadh. Ibrahim expressed gratitude for ACWA Power’s commitment to boosting investments in Malaysia and welcomed efforts that contribute to the nation’s economic growth and the well-being of its people.
ACWA Power’s Investment Proposals
ACWA Power has already put forth several investment proposals, including plans to develop renewable sites in Kelantan, Perlis, Johor, Terengganu, and Sarawak. Malaysia’s investment-friendly policies and streamlined processes aim to facilitate the realization of these projects.
International Collaborations to Drive Renewable Energy Adoption
ACWA Power’s recent agreements with SOCAR and the International Renewable Energy Agency (IRENA) underscore its commitment to advancing clean energy globally. The collaboration with SOCAR focuses on enhancing carbamide fertilizer facilities to produce low-carbon products, while the partnership with IRENA aims to accelerate the adoption of renewable energy through infrastructure investment and technology advancements.