ACWA Power Enters China with $312M Renewable Energy Partnership with Sungrow and Mingyang

Saudi Arabia’s ACWA Power has made a significant move into China’s renewable energy market with two major agreements worth $312 million [1]. These agreements mark a substantial step in ACWA Power’s global expansion strategy and highlight its commitment to supporting China’s clean energy transition.

The first agreement involves a 132-megawatt solar photovoltaic (PV) portfolio in Guangdong province, developed in collaboration with Sungrow Renewables. This marks the first time ACWA Power has partnered with Sungrow at the asset level, and the project will span three separate sites in Guangdong.

The second agreement is with Mingyang Smart Energy Group, focusing on jointly developing and investing in China’s wind energy assets. The initial portfolio includes a 200-megawatt wind energy project, with plans to expand gradually to exceed a total capacity of 1 gigawatt.

Marco Arcelli, CEO of ACWA Power, expressed enthusiasm about the developments, stating, “This is a significant milestone for ACWA Power in China, establishing our operational presence in renewable energy and water desalination. We are committed to working alongside our Chinese partners to contribute to the country’s clean energy and water transition.”

Mohammad Abunayyan, founder and chairman of ACWA Power’s board of directors, commented on the company’s entry into China’s renewable energy market, saying, “Our entry into China’s renewable energy market represents a key milestone in our global strategy for a sustainable future. Our growth is not just about adding megawatts; it’s about forging lasting partnerships that accelerate the energy transition and create a cleaner, more prosperous world for future generations.”

These projects are part of an initial phase that will see ACWA Power expand its portfolio to more than 1 gigawatt of capacity in China. This move aligns with the company’s long-term ambition to triple its assets under management to approximately $250 billion globally by 2030.

ACWA Power’s entry into China’s renewable energy market is a significant step towards achieving its global strategy and contributing to its clean energy goals. The company’s commitment to building enduring relationships within China and investing in Chinese expertise underscores its dedication to a sustainable future.

Sources:

[1] ACWA Power expands in China with $312m in renewable energy deals  https://www.arabnews.com/node/2586390/business-economy

Share this post