ACWA in co-operation agreements with Chinese firms

24 October 2023

Saudi-listed ACWA Power has signed seven co-operation agreements with Chinese firms, during October’s third Belt and Road Forum in Beijing, for solar, green hydrogen and water desalination projects.

The agreements were signed with entities including State Power Investment Corporation, one of the largest state-owned power generators in China; the Beijing headquartered Bank of China; civil engineering firm Power China Group; power and infrastructure solutions provider Energy China Group; and solar panel manufacturer Jinko Solar.

The forum marked the 10th anniversary of China’s Belt and Road Initiative a global infrastructure development programme launched in 2013 with the intention of increasing connectivity and trade among participating nations.

“Looking to the future, we see significant potential for continued collaboration under the Belt and Road Initiative, aligning seamlessly with the goals of Saudi Arabia’s ‘Vision 2030’ initiative” commented ACWA Power chairman Mohammad Abunayyan.

ACWA Power’s association with China began in 2009 with the establishment of a Beijing office. Since then, Chinese investors and financiers have contributed a total of US$10 billion across ACWA Power's global project portfolio, while Chinese EPC contractors, material suppliers, and financiers have participated in 47 projects and signed contracts worth more than USD 30 billion, covering landmark renewable, green hydrogen and seawater desalination projects worldwide.

Image courtesy of ACWA Power

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