Riyadh – Mubasher: ACWA Power has announced its formal entry into China's renewable energy market with investment agreements for over 1-gigawatt (GW) of projects across multiple provinces.
This milestone marks a key step in ACWA Power's China Strategy that was launched in 2023, according to a press release.
The combined investment for two portfolios in the renewable energy segment amounts to $312 million.
ACWA Power's first agreement with Sungrow Renewables, a subsidiary of its long-term supply chain partner, will see the development of a 132-megawatt (MW) solar photovoltaic (PV) portfolio in Guangdong province. This project, consisting of three individual sites, marks the Saudi-listed company's first asset-level cooperation with Sungrow Renewables.
The second agreement is with Mingyang Smart Energy Group, a leading renewable asset developer and wind turbine manufacturer. It established the foundation for both parties to jointly develop and invest in China's wind energy assets, with a starting portfolio of 200 MW.
These projects are part of an initial batch that will gradually expand to over 1GW capacity, solidifying ACWA Power’s operational presence in China’s renewable energy sector.
Founder and Chairman of ACWA Power, Mohammad Abunayyan, said: “This is a momentous occasion for ACWA Power. Our entry into China's renewable energy markets is a significant stride towards our global vision of a sustainable future.”
Abunayyan noted: “Ultimately, our growth strategy is more than just adding megawatts; it's about building enduring partnerships that accelerate the global energy transition and contribute to a cleaner, more prosperous world for future generations.”
Meanwhile, Marco Arcelli, the CEO of ACWA Power, said: “This is a significant step for ACWA Power in China, establishing our operational presence in the renewable energy sector, water desalination and demonstrating our commitment to the market.”
Arcelli noted: “We are excited to play a key role in China's clean energy and water transition, working alongside our Chinese partners to achieve shared sustainability goals.”
The CEO concluded: “We are not just investing in renewable energy projects but in Chinese expertise and building long-term relationships within the country.”
It is worth noting that the projects highlight ACWA Power's commitment to its China Strategy, which aims to significantly expand its presence in the country.
Meanwhile, by 2030, ACWA Power plans to triple its assets under management to about $250 billion globally. The company recently achieved the financial close for the 1.1-gigawatt GW Suez Wind Farm in Egypt, the largest single-contracted wind farm in the Middle East.
