Saudi Arabia’s largest power producer, ACWA Power, is intensifying its expansion into China’s renewable energy sector, with plans to boost capacity to more than 30 gigawatts and grow assets worth to more than $50 billion by 2030, according to its China head, reports Caixin. “China is critical for us,” said Saleh Al Khabti, ACWA Power’s China president, in an interview with Caixin in late August. “Over half of our global projects involve Chinese partners, and more than 95% of our equipment comes from Chinese suppliers.”
The company—formally known as the International Company for Water and Power Projects—is the Middle East and North Africa’s largest developer and operator of power and desalination facilities. Based in Riyadh, its largest shareholder is Saudi Arabia’s Public Investment Fund, one of the world’s largest sovereign wealth funds.
ACWA Power entered China’s renewable market earlier this year and has already launched more than 200 megawatts of wind and solar projects. In June, its Shanghai subsidiary signed a strategic partnership with GCL Energy Technology Co. Ltd. to cooperate on wind, solar, storage and integrated energy projects. It is also working with Sungrow Power Supply Co. Ltd. on a 132 MW solar station and with Ming Yang Smart Energy Group Co. Ltd. on a 100 MW wind farm.