Riyadh, Saudi Arabia—ACWA Power of Saudi Arabia has signed a $1.5 billion agreement with Power China, according to media reports.
The company signed MoUs that relate to financing, investment, engineering procurement and construction contracts and renewable energy equipment procurement in its clean and renewable energy projects.
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The partners from China include Industrial and Commercial Bank of China, Bank of China, SPIC Huanghe Hydropower Development Co, and China Southern Power Grid International.
Power China International Group, China Energy International Group, Jinko Solar Co, Sungrow Power Supply Co and Jolywood Solar Technology Co also inked agreements.
The deals will lay the ground for financing, investment and construction of ACWA Power’s global clean and renewable energy projects in Saudi Arabia and Belt and Road Initiative countries.
Mohammad Abdullah Abunayyan, chairman of ACWA Power, said: “ACWA Power’s solid and growing relationship with major Chinese entities has contributed to our leading position in driving the global energy transition and reflects the valuable ties between Saudi Arabia and China.
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“As a leading developer of power, water and green hydrogen assets worldwide, and being headquartered in a Belt and Road Initiative country, we are in a unique position to support both the energy transition and economic transformation envisioned by Saudi Arabia’s forward-looking and iconic Vision 2030, as well as China’s Belt and Road initiative.
“We look forward to playing a vital role in each of these national agendas that complement each other.”
