ACWA Power Ventures Into China With 1 GW Renewable Energy Projects
(MENAFN- The Arabian Post) Arabian Post -
Saudi Arabia's ACWA Power has entered the Chinese renewable energy market, securing over 1 gigawatt (GW) of solar photovoltaic and wind energy projects. These initiatives, located across multiple Chinese provinces, are in advanced development stages and will be jointly owned with leading Chinese renewable energy firms.
Lyu Yunhe, ACWA Power's Executive Vice President for China, outlined plans to invest up to $50 billion in renewable energy projects across China by 2030. The company aims to achieve 1.3 GW of renewable energy capacity in China by the end of the year and has broader ambitions to acquire clean power assets with a capacity of up to 20 GW and develop 1 million tonnes of green hydrogen.
This expansion aligns with ACWA Power's strategy to strengthen economic ties between Saudi Arabia and China. Since Chinese President Xi Jinping's visit to Riyadh in 2022, the two nations have deepened their economic collaboration, particularly in sectors aligned with Saudi Arabia's Vision 2030. Bilateral trade between the countries has shown robust growth, with China becoming Saudi Arabia's leading source of greenfield foreign direct investment.
In a statement to Tadawul, ACWA Power confirmed that the projects are spread across several Chinese provinces and are in advanced stages of development. This milestone represents the company's formal entry into China's renewable energy sector, positioning ACWA Power for future growth in one of the world's largest clean energy markets.
via Greenlogue
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via ACWA Power Ventures into China with 1 GW Renewable Energy Projects
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