ACWA Power Marks Milestone Entry into China's Renewable Energy Market

·       ACWA Power officially enters the Chinese market with over 1GW of renewable energy projects.

·       Collaborations established with leading developers Sungrow Renewables and Mingyang Smart Energy.

·       Projects represent over 1GW of clean energy capacity, advancing ACWA Power's China Strategy.

Riyadh, Saudi Arabia – 14 January 2025: Today, ACWA Power, the world's largest private water desalination company, leader in energy transition, and first mover into green hydrogen, announced its formal entry into China's renewable energy market with investment agreements for over 1GW of projects across multiple provinces. This milestone marks a key step in ACWA Power's China Strategy that was launched in 2023.

Solidifying its partnerships with prominent Chinese renewable energy developers, ACWA Power's first agreement with Sungrow Renewables—a subsidiary of its long-term supply chain partner—will see the development of a 132 MW solar photovoltaic (PV) portfolio in Guangdong province. This project, consisting of three individual sites, marks ACWA Power's first asset-level cooperation with Sungrow Renewables.

The second agreement is with Mingyang Smart Energy Group, a leading renewable asset developer and wind turbine manufacturer. It established the foundation for both parties to jointly develop and invest in China's wind energy assets, with a starting portfolio of 200 MW. The combined investment for the two portfolios (Sungrow and Mingyang) amounts to USD 312 million.

These projects are part of an initial batch that will gradually expand to over 1GW capacity, solidifying ACWA Power’s operational presence in China’s renewable energy sector.

These projects highlight ACWA Power's commitment to its China Strategy, which aims to significantly expand its presence in the country. By 2030, ACWA Power plans to triple its assets under management to about USD 250 billion globally.