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ACWA Power Expands into China in Pursuit of Renewable Goals

ACWA Power, a prominent Saudi Arabian utility company, is set to commence operations in China by 2024, amplifying its presence in the Asia-Pacific region as part of a broader global expansion agenda slated until 2030. This move is aligned with the firm’s pursuit of renewable and clean energy projects, marking a significant stride towards international collaborations and investments.

Global Collaborations

Earlier, ACWA Power inked several Memorandums of Understanding (MoUs) with two Chinese firms, fostering a global partnership in green hydrogen, ammonia, renewable energies, and integrated smart energies sectors. Additionally, a substantial agreement worth $1.5 billion was signed with Power China, although the specifics of the deal were not disclosed.

Strengthening Saudi-Chinese Relations

These ventures are perceived as a cornerstone in Saudi-Chinese relations, especially after nine agreements were sealed during China’s president Xi Jinping’s visit. These accords set the foundation for financing, investment, and construction of ACWA Power’s renewable energy projects not only in Saudi Arabia but also in Belt and Road Initiative countries.

Forging Ahead in Renewable Energy

The foray into China underscores ACWA Power’s ambition to augment investments in regions keen on advancing renewable technologies. The partnerships and agreements with Chinese entities are pivotal, providing ACWA Power with an avenue to contribute to global renewable energy endeavors, and reciprocally, offering Chinese firms a gateway to the Middle Eastern and global renewable energy markets.

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