ACWA Power signs seven agreements with Chinese entities

Saudi Arabia’s utility company ACWA Power has entered into seven cooperation agreements with various Chinese firms across multiple sectors, including solar energy, green hydrogen, and water desalination.

These deals were signed during the third Belt and Road Forum held in Beijing on Wednesday.

In a press statement, ACWA Power said that these agreements were signed with Chinese entities, including State Power Investment Corp. specializing in energy generation, Bank of China headquartered in Beijing, and Power China Group, a civil engineering firm.

The Saudi firm also signed deals with other companies such as Energy China Group, a provider of power and infrastructure solutions, and Jinko Solar, a solar panel manufacturer.

Mohammed Abunayyan, founder and chairman of ACWA Power, said: “ACWA Power’s journey with China has been one of genuine friendship and fruitful cooperation, going back years and across geographies. Over the years, we have nurtured strong relationships with key Chinese partners, which have enabled us to drive transformative projects in the fields of renewables, green hydrogen, and water desalination.”

He added: “The agreements signed today further advance our common interest of developing projects that support positive climate ambitions.”

The forum also marked the 10th anniversary of China’s Belt and Road Initiative, a global infrastructure development program initiated in 2013 to enhance connectivity and trade among participating nations.

Abunayyan indicated that Saudi Arabia sees significant potential for further collaboration with China under the BRI.

“We are dedicated to nurturing this enduring partnership. ACWA Power is resolute in our commitment to the Chinese market, and we recognize the critical role we play in the global clean energy landscape,” he added.

The press statement revealed that ACWA Power established its Beijing office in 2009, marking the beginning of its association with China.

Since then, Chinese investors and financiers have contributed $10 billion to ACWA Power’s global project portfolio, and Chinese engineering, procurement, and construction contractors, material suppliers, and financiers have participated in 47 projects and signed contracts worth more than $30 billion.

In a report released by UK-based Global Water Intelligence in August, ACWA Power was recognized as the world’s largest water developer outside of China.

It leads the list of top global water developers with a gross capacity of 6.8 million cubic meters per day and a net capacity of 3.2 million m3 per day.