Saudi Arabia’s ACWA Power has announced its entry into the Chinese renewable energy market [1] securing over 1 gigawatt (GW) of renewable energy projects. The portfolio includes multiple solar photovoltaic (PV) and wind energy projects spread across several provinces in China. These projects are in the advanced stages of development and will be jointly owned by ACWA Power and leading Chinese renewable energy firms.
ACWA Power’s Executive Vice President for China, Lyu Yunhe, revealed plans to invest up to $50 billion in renewable energy projects across China by 2030. The company aims to achieve 1.3 GW of renewable energy capacity in China by the end of the year and has broader ambitions to acquire clean power assets with a capacity of up to 20 GW and develop 1 million tonnes of green hydrogen.
The expansion into China aligns with ACWA Power’s strategy to strengthen economic ties between Saudi Arabia and China. Since Chinese President Xi Jinping’s visit to Riyadh in 2022, the two nations have deepened their economic collaboration, particularly in sectors aligned with Saudi Arabia’s Vision 2030. Bilateral trade between the countries has shown robust growth, with China becoming Saudi Arabia’s leading source of greenfield foreign direct investment.
In a statement to Tadawul, ACWA Power confirmed that the projects are spread across several Chinese provinces and are in advanced stages of development. This milestone represents the company’s formal entry into China’s renewable energy sector, positioning ACWA Power for future growth in one of the world’s largest clean energy markets.
ACWA Power’s collaboration with Chinese state-owned enterprises, both within China and abroad, further supports its expansion strategy. For example, the company partnered with China Southern Grid International on a wind project in Uzbekistan and with State Power Investment Corp. on power initiatives in Saudi Arabia.
This milestone represents ACWA Power’s formal entry into China’s renewable energy sector, positioning the company for future growth in one of the world’s largest clean energy markets.
Sources:
[1] ACWA Power expands into China with over 1GW of renewable energy projects https://www.arabnews.com/node/2584745/business-economy
