Saudi-based ACWA Power, a global leader in water desalination and renewable energy, has inked seven cooperation agreements with prominent Chinese firms. These deals span a range of projects including solar power, green hydrogen, and water desalination, marking a significant milestone in collaborative sustainable development. ACWA Power’s enduring partnership with Chinese investors, financiers, contractors, and material suppliers aims to support environmentally responsible projects.
Strengthening Commitment to Sustainable Development
ACWA Power, the world’s largest private water desalination company, is making significant strides in the green energy transition and the production of green hydrogen. The recent agreements, signed during the third Belt and Road Forum in Beijing, underscore the company’s dedication to sustainable development through partnerships and global initiatives.
Key Chinese entities involved in these strategic collaborations include State Power Investment Corporation, one of China’s major state-owned power generators; Bank of China, headquartered in Beijing; Power China Group, a leading civil engineering firm; Energy China Group, a provider of power and infrastructure solutions; and Jinko Solar, a prominent solar panel manufacturer.
Mohammad Abunayyan, ACWA Power Chairman, emphasized the long-standing relationship between ACWA Power and China, stating, “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. The agreements signed today further advance our common interest of developing projects that support positive climate ambitions.”
Belt and Road Initiative Celebrates 10 Years
The Belt and Road Forum also marked the 10th anniversary of China’s Belt and Road Initiative (BRI), a comprehensive global infrastructure development program initiated in 2013 to enhance connectivity and trade among participating nations.
Mr. Abunayyan expressed optimism about the future collaboration opportunities under the Belt and Road Initiative. He emphasized alignment with Saudi Arabia’s Vision 2030 and ACWA Power’s resolute commitment to the Chinese market and the broader global clean energy landscape.
A Decade of ACWA Power’s Collaboration with China
ACWA Power has a well-established relationship with Chinese firms, marked by joint projects both in Saudi Arabia and international markets. This journey began in 2009 with the opening of a Beijing office. To date, Chinese investors and financiers have contributed $10 billion to ACWA Power’s global project portfolio, while Chinese EPC (Engineering, Procurement, and Construction) contractors, material suppliers, and financiers have been part of 47 projects with contracts exceeding $30 billion. These projects span the renewable energy sector, green hydrogen production, and seawater desalination projects worldwide.