Saudi-listed ACWA Power has signed seven cooperation agreements with Chinese firms for solar, green hydrogen, and water desalination projects.
ACWA Power is the world’s largest private water desalination company, leader in energy transition, and first mover into green hydrogen.
The agreements reaffirm ACWA Power’s commitment to collaborative sustainable development by leveraging its ongoing partnership with Chinese investors, financiers, EPC contractors, and material suppliers.
“ACWA Power’s journey with China has been one of genuine friendship and fruitful cooperation, going back years and across geographies. Over the years, we have nurtured strong relationships with key Chinese partners, which have enabled us to drive transformative projects in the fields of renewables, green hydrogen, and water desalination. The agreements signed today further advance our common interest in developing projects that support positive climate ambitions. Looking to the future, we see significant potential for continued collaboration under the Belt and Road Initiative, aligning seamlessly with the goals of Saudi Arabia’s Vision 2030.”
“We are dedicated to nurturing this enduring partnership. ACWA Power is resolute in our commitment to the Chinese market and we recognize the critical role we play in the global clean energy landscape,” Mr. Abunayyan further added.
The agreements were signed with entities including State Power Investment Corporation, one of the largest state-owned power generators in China; the Beijing headquartered Bank of China; civil engineering firm Power China Group; power and infrastructure solutions provider Energy China Group; and solar panel manufacturer Jinko Solar.
ACWA Power’s association with China began in 2009 with the establishment of a Beijing office. Since then, Chinese investors and financiers have contributed a total of $10 billion across ACWA Power’s global project portfolio, while Chinese EPC contractors, material suppliers, and financiers have participated in 47 projects and signed contracts worth more than $30 billion, covering landmark renewable, green hydrogen and seawater desalination projects worldwide, as per the reports.