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Acwa shakes hands with key Malaysian entities: Acwa Power inked an MoU with the Malaysian Investment Development Authority to mull developing up to 12.5 GW of power generation capacity by 2040 with an initial investment of USD 10 bn, according to a press release. The agreements were signed during the ASEAN-GCC Summit in Kuala Lumpur.
There’s more: Acwa also inked strategic partnership agreements and heads of terms for joint development agreements with Malaysian utility Tenaga Nasional Berhad, state investment arm Terengganu, and renewable energy player UEM Lestra. The partnerships will focus on feasibility studies and co-development of projects, including floating solar PV, combined-cycle gas turbine (CCGT), and large-scale water desalination.
We knew this was coming: Acwa started conducting feasibility studies with Malaysia’s Uem Lestra Berhad in March to establish independent water and power facilities and explore incorporating large-scale solar farms and CCGT solutions.
REMEMBER– Acwa Power announced plans last year to invest USD 10 bn in Malaysia over the next decade.
IN OTHER ENERGY NEWS-
GE Vernova tapped for Qurayyah turbines: GE Vernova secured an order for five 7H-Class gas turbines — three 7HA.03 and two 7HA.02 units — from Tecnicas Reunidas and Orascom Construction, set to be installed at the Qurayyah Independent Power Plant (QIPP) expansion project in the Eastern Province, according to a press release. This follows the USD 2.6 bn EPC contract inked in March between Tecnicas Reunidas and Orascom under a JV for the QIPP expansion.
BACKGROUND- The contracts are part of wider agreements announced earlier this month during the Saudi-US Investment Forum, by which Saudi Arabia will purchase USD 14.2 bn in gas turbines from GE Vernova.
REFRESHER- The Saudi Electricity Company and Acwa Power signed a SAR 13.4 bn power purchase agreement with the Saudi Power Procurement Company for the QIPP expansion back in February. The project will see the development of a 3.01 GW CCGT power plant ready for carbon capture and a 380 kV electrical substation.
