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 coincide 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 signed MoUs that relate to financing, investment, engineering procurement and construction contracts and renewable energy equipment procurement in its clean and renewable energy projects.
The strategic partners from China include 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.
ACWA Power’s track record of collaboration with China has started in 2009 when ACWA Power opened 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 a $10 billion with investors and financiers, and an additional $33 billion with Chinese EPC and suppliers, covering multiple landmark renewable and seawater desalination projects over the world.