Arab News, Wed, May 01, 2024 | Shawwal 22, 1445
Malaysia to witness $10bn investment from ACWA Power in renewable energy sector: prime minister
Saudi Arabia:
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.