Saudi power and water company ACWA Power has agreed to buy a 1.2 GW portfolio of operational and under-construction wind parks in China in a move that further solidifies its presence in the country.
ACWA Power China has signed multiple agreements for the proposed acquisitions, the parent company said. Specifically, the deal concerns the acquisition of a 250-MW wind farm that is already generating electricity and four additional projects, which have a combined capacity of 1,000 MW and are currently under construction.
The plants being installed will be handed over to ACWA Power once they achieve commercial operations.
The proposed acquisition comes a year after ACWA Power entered the Chinese energy market by securing over 1 GW of renewable energy projects. The portfolio, consisting of several solar and wind projects in a number of provinces, is either partially or fully owned by the Saudi group.
ACWA Power is a developer, investor and operator of power generation, water desalination and green hydrogen projects. According to its website, the company has 93 GW of power generation capacity.
