Acwa Power, a leader in power generation and water desalination plants, has signed an agreement with China Energy Engineering Corporation (Energy China) to explore joint investment opportunities and cooperate on power generation and water desalination projects across the Middle East and Asia where Acwa Power operates.
The memorandum of understanding (MoU) was signed by Acwa Power's chairman, Mohammad Abunayyan and Energy China's chairman, Wang Jianping, who were accompanied by high-level dignitaries, including senior officials from China's public sector, as well as senior business executives and professionals from China Gezhouba Group Company (CGGC).
Commenting on the announcement, Abunayyan stated: "Today's MoU with Energy China is a great milestone that demonstrates our effort towards providing superior solutions within the power and water sector in the region and around the world. We are delighted to have partnered with a company that shares both our core values and ethos for change within the industry."
"We are privileged to be here in Dubai and to have signed this MoU with an industry leader in the power and water sector," said Jianping. "With this agreement, we will strengthen the ties between China and the Middle East and unlock new potential power generation opportunities in the region."
Paddy Padmanathan, president and CEO of Acwa Power, said: "We're honoured to partner with one of the leading engineering and EPC contracting companies in the world. This MoU further demonstrates our success in bringing the best in market to the countries in which we operate. We believe this new partnership will allow us both to grow and to strengthen our relationship with China in the region."
Acwa Power operates in 10 countries and has signed MoUs with various companies in those countries pledging to support local governments in the provision of reliable and cost-effective power source and desalinated water solutions within the utility sphere.