Saudi renewables developer ACWA Power Co announced its entry into the Chinese energy market by securing over 1 GW of renewable energy projects.
The projects were secured in collaboration with leading Chinese renewable partners, the company said in a stock exchange statement, without naming the partners.
The portfolio includes multiple solar and wind projects in a number of provinces across the country. The projects will be partially or fully owned by ACWA Power.
The company added that it is in advance stages of completing these investments and that the move lays a solid foundation for future expansion.
ACWA Power is a developer, investor and operator of power generation, water desalination and green hydrogen projects. Employing more than 4,000 people, the company is currently present in 13 countries in the Middle East, Africa, Central Asia and Southeast Asia. ACWA Power says it has a portfolio of 90 projects in operation, construction or advanced development, representing an investment value of around USD 94 billion (EUR 90bn). These assets have the capacity to generate 65.6 GW of power and produce 8.0 million m3 of desalinated water per day.
