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ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination, and green hydrogen plants worldwide, signed a series of Memorandums of Understanding (MoU) agreements with nine renowned Chinese entities. The agreements were signed during the 1st China Arab Summit and coincided with the state visit of 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’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 being 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,” said Mohammad Abunayyan, ACWA Power Chairman.
ACWA Power signed MoUs that relate to financing, investment, engineering procurement, 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.
“Over the last 13 years we have been privileged to work with a number of Chinese partners on several high-profile projects and we are eager to see our streak for successful collaboration continue. The synergies created through these agreements have allowed us to drive the energy transition with a cost-competitive reputation, creating immense value along the way. 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,” Kashif Rana, Chief Portfolio Management Officer of ACWA Power.
ACWA Power’s track record of collaboration with China has started in 2009 when ACWA Power opened its China office in Beijing. As of today, ACWA Power has established strategic relationships with Chinese leading EPC contractors, equipment suppliers, financing institutions, and investment partners. To date, Chinese organizations have a hand in 47 projects within ACWA Power’s portfolio, spread across 12 countries. During this time, ACWA Power’s collaboration with Chinese firms have reached US$ 10 billion with investors and financiers, and an additional U$33 billion with Chinese EPC and suppliers, covering multiple landmark renewable and seawater desalination projects over the world.