Saudi Utility Eyes $10 Billion of Malaysia Renewable Projects

(Bloomberg) -- Saudi utility Acwa Power Co. signed non-binding agreements with Malaysian firms, including to explore development of about 13 gigawatts of power generation capacity, totaling $10 billion in investments by 2040.

Acwa’s collaborations will include renewable energy, green hydrogen and advanced water solutions, it said in a statement. One of the world’s largest private water desalination companies, Acwa signed the agreement with the Malaysian Investment Development Authority on Thursday.

The collaboration aims to support Malaysia’s goal of increasing installed renewable energy capacity to 70% by mid-century, the company said. The Southeast Asian nation is aiming to phase out coal power by 2044 and achieve net zero by 2050.

Acwa will undertake joint feasibility studies on floating solar farms and large-scale water desalination with state-controlled utility Tenaga Nasional Berhad and others, the statement added.

Historically, Malaysia has relied on coal, gas and hydro for its power needs, according to BloombergNEF. The country, one of the world’s top liquefied natural gas exporters, is also considering expanding imports of the fuel to meet surging power demand.

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