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Reuters: ACWA Power Signs $1.5Bn Deal With Power China

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Reuters: ACWA Power Signs $1.5Bn Deal With Power China

(CTN News) – There have been reports from Saudi Arabia that ACWA Power, a private utility company, has signed an agreement with Power China. This agreement amounts to approximately $1.5 billion, according to Reuters.

Neither ACWA Power nor its representatives responded to Arab News’ request for comment on the incident, and no further details have been released.

It comes amid a flurry of Memoranda of Understanding that have been signed by the energy provider with Chinese entities. These are in conjunction with the visit of China’s President Xi Jinping to the Kingdom.

In relation to its clean and renewable energy projects, ACWA Power has signed memorandums of understanding for financing, investments, engineering procurement and construction, as well as renewable energy equipment procurement.

There are a number of strategic partners from China. These include the Industrial and Commercial Bank of China, the Bank of China, SPIC Huanghe Hydropower Development Co., and China Southern Power Grid International.

The agreements were also signed by Power China International Group, China Energy International Group, Jinko Solar Co, Sungrow Power Supply Co and Jolywood Solar Technology Co.

It is expected that these deals will pave the way for the financing, investment, and construction of ACWA Power’s global clean and renewable energy projects in Saudi Arabia and other Belt and Road Initiative countries.

ACWA Power’s strong and growing relationship with major Chinese companies has contributed to our leading position in driving the global energy transition.

This relationship also reflects the valuable ties between Saudi Arabia and China, said Mohammad Abdullah Abunayyan, chairman of ACWA Power.

Having been one of the largest developers of power, water and green hydrogen assets in the world, as well as 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 initiatives.

It is our hope that we can play a vital role in the achievement of each of these national agendas, as they complement one another.”

Having established an office in Beijing in 2009, ACWA Power has been successful in collaborating with China since the beginning of its history.

It has been revealed that Chinese organizations have been involved in 47 projects within the portfolio of ACWA Power, which cover 12 different countries.

As a result of its collaboration with Chinese firms during this time, ACWA Power has been able to reach a total of $10 billion in deals with investors and financiers, as well as $33 billion in deals with Chinese EPCs and suppliers for several landmark renewable and seawater desalination projects around the world.

What does acwa power do?

We are a developer, investor and operator of power generation and desalinated water plants with 66 assets in operation, construction or advanced development across 12 countries. We employ more than 3,900 people with ~60% local employment.

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