ACWA Power plans to invest $10 billion in Malaysia for renewable energy projects


Malaysian Prime Minister Anwar Ibrahim met with ACWA Power representatives on Apr. 29. (Photo: Anwar Ibrahim)

Saudi Arabia-based renewable energy giant ACWA Power has revealed its plans to work with several strategic Malaysian partners to develop renewable energy projects across multiple states in Malaysia, according to Prime Minister Anwar Ibrahim.

In a Facebook post after his meeting with ACWA Power chairman Mohammad A. Abunayyan and senior management representatives of the company on Apr. 29, Anwar Ibrahim mentioned that the company had also presented its investment proposals. These included collaboration for the development of various energy projects in Terengganu, Kelantan, Perlis, Sarawak, and Johor.

During the meeting held on the sidelines of the World Economic Forum Special Meeting, Mohammad A. Abunayyan also disclosed the company’s intention to invest over $10 billion in Malaysia over a 10-year period.

Among the proposed projects are those to be carried out in collaboration with a local company, Cypark Resources. The executive chair of the company, Ami Moris, said that discussions for the collaboration on the renewable energy project are in the final stages and are anticipated to be concluded by the end of the year.

“ACWA Power, one of the world’s largest renewable energy companies, is keen on investing in Malaysia, implementing technology transfer and sharing renewable energy expertise for industrial parks in Jasin, Melaka, and Kerian, Perak, to power up green data centers,” said Moris.

Anwar, who also serves as the finance minister, said that the government remains committed to implementing investment-friendly policies. He emphasized their focus on initiatives aimed at streamlining and expediting every investment process.

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