Saudi’s ACWA Power, Chinese entities ink MoUs during China-Arab Summit

By Arya M Nair, Official Reporter
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ACWA Power_Chinese companies MoUs
Officials from ACWA Power & Chinese companies at MoUs signing ceremony

ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, has signed a series of Memorandums of Understanding (MoUs) agreements with nine renowned Chinese entities. 

The agreements were signed during the 1st China-Arab Summit and coincided with the state visit of Mr. Xi Jinping, President of the People’s Republic of China. The agreements will lay the ground for financing, investment and construction of ACWA Power’s global clean and renewable energy projects in Saudi Arabia and Belt and Road Initiative countries.

ACWA Power signed MoUs that relate to financing, investment, engineering procurement and construction contracts and renewable energy equipment procurement in its clean and renewable energy projects. The strategic partners from China include the Industrial and Commercial Bank of China (ICBC), Bank of China, SPIC Huanghe Hydropower Development Company, China Southern Power Grid International, Power China International Group, China Energy International Group, Jinko Solar Company, Sungrow Power Supply Company and Jolywood Solar Technology Company.

Mohammad Abunayyan_ACWA Power signs MoUs with Chinese entities
Mohammad Abunayyan
ACWA Power

“ACWA Power’s solid and growing relationship with major Chinese entities has contributed to our leading position in driving the global energy transition and reflects the valuable ties between Saudi Arabia and China. As a leading developer of power, water and green hydrogen assets worldwide, and is headquartered in a Belt and Road Initiative country, we are in a unique position to support both the energy transition and economic transformation envisioned by Saudi Arabia’s forward-looking and iconic Vision 2030, as well as China’s Belt and Road initiative. We look forward to playing a vital role in each of these national agendas that complement each other.”  

Mr. Kashif Rana, Chief Portfolio Management Officer of ACWA Power, said that “We are confident that these recent agreements with leading Chinese entities will further contribute to the growth and efficiency of our plants across the region as we strive to reliably deliver clean and green power to communities and industries. With professional and multi-discipline local teams in China, we are focused on identifying and onboarding like-minded Chinese firms to partner with for business development, procurement, investment, financing, and project execution purposes, and hope this continues well into the future.”

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