Saudi Arabia’s ACWA Power Unveils 1GW China Renewables Push
Saudi Arabia’s energy behemoth ACWA Power has unveiled plans to develop over 1 GW of renewable energy projects in China. This significant investment is part of a broader $50 billion commitment to the Chinese market. The portfolio includes solar and wind projects co-owned by ACWA Power and Chinese renewable energy developers, ensuring significant progress in green initiatives.
The projects span multiple locations across China and are in advanced development stages, according to a statement from ACWA Power.
Ambitious Saudi Goals
Yunhe Lyu, leading ACWA Power’s China operations, outlined plans to achieve 20 GW of renewable capacity and green hydrogen projects. Lyu confirmed intentions to invest heavily in green energy, renewables, hydrogen, and desalination, aiming for 1.3 GW capacity in China by year-end.
ACWA Power collaborates with Chinese firms on projects within China and other countries, including a wind project in Uzbekistan with China Southern Grid International. In Saudi Arabia, State Power Investment Corp. partners with ACWA Power on pivotal renewable projects.
Strengthening Saudi-China Trade
Economic ties between China and Saudi Arabia have grown since Chinese President Xi Jinping’s Riyadh visit in 2022. Bilateral trade reached $107.23 billion in 2023, with Saudi exports, primarily crude oil, leading the exchange.
Through August 2024, trade between the nations hit nearly $71 billion, with China emerging as the Kingdom’s leading greenfield investor. This investment supports solar, wind, and battery energy storage projects, highlighting the robust partnership.
