Saudi Arabia's ACWA enters China with 'multiple wind and solar projects'
Middle East group's project stakes strengthen burgeoning green energy ties between two nations
Saudi Arabia’s ACWA Power said it has entered China’s renewables sector with stakes in multiple projects, a move that underlined the ever-closer green energy ties between the two nations.
ACWA Power told investors today that it has made a “successful entry to the People’s Republic of China market by securing over 1GW of renewable energy projects in collaboration with leading Chinese renewable partners”.
The Saudi utility added: “This portfolio consists of multiple solar PV and wind projects and will be owned partially/fully by ACWA Power together with other partners in multiple provinces in the People’s Republic of China. The company is in advance stages of completing these investments.”
According to ACWA this marks its “formal entry to the energy market in China, laying a solid foundation and establishing a strong reputation for future expansion”.
The Saudi group did not give details of the projects or its Chinese partners, but said earlier in December that it expects to invest up to $50bn in China by 2030 spanning renewables, green hydrogen and water desalination.
The Saudi investment in China strengthens a renewables relationship that has already seen China win major business in the kingdom’s green energy sector, aided by strong governmental trade ties between the two.
ACWA is also a partner with key Chinese renewables players in emerging markets in Central Asia.
Brostrom was previously renewables chief at oil giant Shell and before that led the North American business of Orsted.
(Copyright)