Saudi-based ACWA Power keen on investing over US$10b in Malaysia - MIDA | Malaysian Investment Development Authority
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Saudi-based ACWA Power keen on investing over US$10b in Malaysia

Saudi-based ACWA Power keen on investing over US$10b in Malaysia

29 Apr 2024

Saudi Arabia-based renewable energy giant ACWA Power has expressed interest in investing more than US$10 billion (US$1=RM4.77) in Malaysia over a 10-year period.

Among the proposed projects are those to be undertaken through collaboration with a local company, Cypark Resources Bhd.

This was conveyed by ACWA Power chairman Mohammad A. Abunayyan when he paid a courtesy call on Prime Minister Datuk Seri Anwar Ibrahim on the sidelines of the World Economic Forum (WEF) Special Meeting here today.

Also present during the half-an-hour call were Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz as well as the senior management of Bursa Malaysia-listed renewable energy firm Cypark Resources and its major shareholder, Jakel Group.

Cypark Resources executive chair Datuk Ami Moris said the collaboration in the renewable energy project is in the final stages of discussion and is expected to be finalised by the end of this year.

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

Jakel Group managing director Datuk Seri Mohamed Faroz Jakel said Jakel Capital, which is Cypark Resources’ biggest shareholder, will also be involved in the renewable energy project.

“We came to Riyadh to discuss how to implement the collaboration and Jakel also has several large parcels of land that can be developed into solar farms to supply energy to Cypark,” he said.

On the final day of the WEF Special Meeting today, Anwar is also scheduled to hold bilateral meetings with his Pakistani counterpart Muhammad Shehbaz Sharif and Qatari Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani.

Anwar also received a courtesy call from Turkiye’s Foreign Affairs Minister Hakan Fidan.

The two-day WEF Special Meeting, themed “Global Collaboration, Growth and Energy for Development”, was attended by more than 1,000 participants including heads of state as well as business and industry leaders.

Source: Bernama