MoU on clean energy infrastructure investment inked in Malaysia

KUALA LUMPUR, May 28 (Xinhua) -- Malaysian Investment Development Authority (MIDA) has inked a memorandum of understanding (MoU) with Saudi Arabia-based water desalination company ACWA Power to facilitate strategic investment projects in clean energy infrastructure across Malaysia with an estimated investment value of 10 billion U.S. dollars.

MIDA said in a statement on Tuesday that the investment is targeting 12.5 gigawatt (GW) of capacity by 2040.

The partnership focuses on advancing renewable energy, green hydrogen, and advanced water solutions, aligning with both Malaysia's National Energy Transition Roadmap and Saudi Arabia's Vision 2030's climate leadership objectives.

Malaysia's Minister of Investment, Trade and Industry Tengku Zafrul said the collaboration supports the objectives of the country's New Industrial Master Plan 2030 and National Energy Transition Roadmap, as Malaysia charts its way to achieving energy security and energy transition, especially for its industries, as well as the country's net-zero goal by 2050.

Marco Arcelli, chief executive officer of ACWA Power, said this strategic agreement represents a significant milestone in the firm's expansion in Southeast Asia and reflects its commitment to supporting Malaysia and the broader ASEAN region's energy transition towards a sustainable and low-carbon future. Enditem