ACWA Power Enters China’s Green Energy Market with Strategic Partnerships

ACWA Power, a Saudi Arabian energy company, has announced renewable energy investment agreements totalling USD 312 million with China-based Sungrow Renewables and Mingyang Smart Energy.

These agreements mark a significant step in ACWA Power’s strategy to expand its footprint in China’s renewable energy sector.

The first agreement is with Sungrow Renewables, a subsidiary of Sungrow Power Supply Co., which has been a long-term supply chain partner of ACWA Power. This partnership will focus on developing a 132 MW solar photovoltaic portfolio in Guangdong province. The portfolio will comprise three individual sites, underscoring ACWA Power’s commitment to supporting China’s renewable energy goals and leveraging Sungrow’s expertise in PV technology.

In another agreement, ACWA Power has partnered with Mingyang Smart Energy Group, a major player in wind energy technology. This collaboration aims to jointly develop and invest in wind energy projects in China, starting with a 200 MW portfolio. While the timeline for these projects has not been disclosed, the partnership is expected to catalyse the deployment of cutting-edge wind energy technologies in the country.

Both agreements align with ACWA Power’s broader China strategy, which targets the development of a renewable energy portfolio exceeding 1 GW. The company is capitalising on China’s robust renewable energy market, leveraging partnerships with leading local firms to achieve sustainable growth.

Mohammad Abunayyan, Founder and Chairman of the Board of Directors at ACWA Power, stated,  “This marks a pivotal moment for ACWA Power as we enter China’s renewable energy market. This step is a testament to our commitment to a sustainable global future. Our growth strategy extends beyond simply adding megawatts; it focuses on fostering enduring partnerships that drive the global energy transition and pave the way for a cleaner, more prosperous future for generations to come.”

Marco Arcelli, Chief Executive Officer of ACWA Power, commented, “This is a milestone achievement for ACWA Power in China, establishing our footprint in renewable energy and water desalination while underscoring our dedication to the market. We are thrilled to contribute to China’s clean energy and water transition by collaborating with our Chinese partners to achieve shared sustainability objectives. Our investments are not just in renewable energy projects but also in the wealth of Chinese expertise, forging long-term relationships that strengthen our commitment to the country’s future.”

It may be noted that ACWA Power aims to triple its assets under management to approximately USD 250 billion by 2030, globally. The company is strategically investing in diversified renewable energy projects worldwide to support the global transition to clean energy and strengthen its position as a leader in the sector.