Saudi-based ACWA Power keen on investing over RM47bil in Malaysia

RIYADH: Saudi Arabia-based renewable energy giant ACWA Power has expressed interest to invest more than US$10bil (RM47.6bil) in Malaysia over a 10-year period in collaboration with 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 Monday (April 29).

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 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.