Recently, Saudi utility giant ACWA Power announced its successful entry into China’s renewable energy sector, with plans to invest in over 1 gigawatt (GW) of solar and wind energy projects in China.
It is reported that ACWA Power’s portfolio, jointly owned with renowned Chinese renewable energy companies, spans multiple provinces in China and is currently in the late development stage. ACWA Power confirmed in a statement to the Tadawul Saudi Stock Exchange that this move aligns with its ambitious plan to invest US$50 billion in renewable energy, green hydrogen, and seawater desalination projects in China by 2030.
General Manager of ACWA Power China revealed that the company aims to achieve an installed renewable energy capacity of 1.3 GW in China by the end of 2025 and acquire 20 GW of clean energy assets. Additionally, the company plans to develop 1 million tons of green hydrogen in China and engage in extensive cooperation with domestic and foreign state-owned enterprises. Recent cooperation cases include a wind power project in Uzbekistan with China Southern Power Grid International, and a renewable energy project in Saudi Arabia with State Power Investment Corporation.
This expansion is not only a crucial part of ACWA Power’s global strategy but also part of broader economic cooperation between Saudi Arabia and China. Bilateral trade between the two countries reached US 107.23 billion in 2023 and is expected to continue significant growth in 2024. As Saudi Arabia’s largest trading partner and a major source of green field foreign direct investment, China will contribute US 21.6 billion between 2021 and 2024, with one-third allocated to clean energy projects.
