Saudi Arabia's ACWA Power has signed a memorandum of understanding with Malaysia to develop up to 12.5 gigawatts of renewable energy capacity by 2040, backed by an initial investment of $10 billion.
Saudi Arabia's ACWA Power said on Thursday it had signed a preliminary agreement to develop up to 12.5 gigawatts of renewable energy generating capacity in Malaysia with an initial investment of up to $10 billion.
The renewable energy utility said in a statement it agreed to a memorandum of understanding with the Malaysian Investment Development Authority to explore developing the capacity by 2040.
Malaysia aims for renewable energy to make up 70% of its power mix by 2050.
ACWA Power also signed strategic partnership agreements with several Malaysian companies for potential energy projects, including large-scale water desalination.
"These strategic agreements represent a significant milestone in ACWA Power's expansion in Southeast Asia and reflect our commitment to supporting Malaysia and the broader ASEAN region's energy transition," said ACWA CEO Marco Arcelli in the statement.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 5th of August, covering the latest developments.
U.S. President Donald Trump said there was an "all-day negotiation" on Tuesday with Iran, characterising the talks positively while also threatening to hit Iran "really hard" if a deal was not reached.
Tehran had made plans to strike sites in Ukraine after Kyiv attacked an Iranian cargo ship in the Caspian Sea, a senior Iranian military adviser has said. Iran refrained from taking action after Kyiv said the strike was a mistake, Mohsen Rezaei told the state IRIB TV channel.
U.S. data analytics firm Palantir Technologies has reported a 93 per cent year-on-year jump in second-quarter revenue, even as the company faces continued criticism over its work with Israel's military and allegations linking its technology to the war in Gaza.a.
Ukrainian President Volodymyr Zelenskyy has dismissed the country's ambassadors to Tajikistan, Kyrgyzstan and several other countries. The removals came after a speech on Monday in which he said embassies would be judged on their effectiveness in securing weapons for Ukraine.
Flash floods in Gansu Province in China's northwest last week killed 25 people and injured 23 more, the official Xinhua news agency reported on Sunday, raising earlier death tolls.
Three firefighters have died as wildfires continue to burn across Greece, with Crete facing a second day of intense blazes driven by strong winds. The fires come as Europe battles destructive wildfires fuelled by extreme heat and drought.
An impending "super" El Niño is likely to inflict a combined $10 billion to $20 billion hit on affected African countries and trigger mass migration from hard-hit areas, the African Development Bank's (AfDB) top climate expert said.
Brazil has banned the production and sale of foie gras, the French delicacy made from fattened duck or goose liver. President Luiz Inacio Lula da Silva signed a law late Thursday aimed at ending force-feeding in the country's foie gras industry and stopping imports.
At least 82 people have died after heavy rain triggered devastating floods across northeastern India, Pakistan and Afghanistan this week, with widespread damage to homes, farmland and infrastructure.
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