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Saudi ACWA Power eyes $10 Billion investment in Malaysia

Women's Tabloid News Desk
Women's Tabloid News Desk

Saudi Arabian renewable energy giant ACWA Power has expressed its intention to invest over US$10 billion in Malaysia over the span of a decade, marking a significant move in the country’s renewable energy landscape.

The proposal includes collaborative projects with local company Cypark Resources Bhd, aiming to bolster Malaysia’s renewable energy infrastructure.

During a courtesy call on Prime Minister Datuk Seri Anwar Ibrahim at the World Economic Forum (WEF) Special Meeting, ACWA Power Chairman Mohammad A. Abunayyan discussed the investment plans alongside Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Cypark Resources, a prominent player in Malaysia’s renewable energy sector, highlighted that discussions on the collaboration with ACWA Power are in the final stages. The collaboration is expected to bring about technology transfer and renewable energy expertise sharing for industrial parks in Jasin, Melaka, and Kerian, Perak, aimed at powering green data centers.

Datuk Seri Mohamed Faroz Jakel, Managing Director of Jakel Group, emphasized Jakel Capital’s involvement in the renewable energy project as Cypark Resources’ major shareholder. The group also revealed plans to utilize its land assets for solar farm development.

The renewable energy collaboration aligns with Malaysia’s commitment to sustainable development and green initiatives. ACWA Power’s expertise and investment are poised to accelerate the country’s transition towards renewable energy sources, contributing to its economic growth and environmental sustainability.

Prime Minister Anwar Ibrahim, on the final day of the WEF Special Meeting, is set to engage in bilateral discussions with counterparts from Pakistan and Qatar, highlighting Malaysia’s commitment to global collaboration and sustainable development.

The two-day WEF Special Meeting, themed “Global Collaboration, Growth, and Energy for Development,” witnessed the participation of over 1,000 delegates, including heads of state and industry leaders, underscoring the importance of collective action in addressing global challenges and fostering inclusive growth.

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