ACWA Power invests $312M in 2 renewable energy projects in China

The signing ceremony

ACWA Power Co. announced investing $312 million (SAR 1.17 billion) in two renewable energy projects in China.

In a statement picked up by Argaam, the Saudi-listed company said the first agreement with Sungrow Renewables, will see the development of a 132-megawatt (MW) solar photovoltaic (PV) portfolio in Guangdong, China, on three separate sites. This marks the first cooperation between ACWA Power and Sungrow.

For more news and details on the projects

Meanwhile, the second pact with Mingyang Smart Energy Group aims to jointly develop and invest in China’s wind energy assets, with a starting portfolio of 200 MW.

The projects are part of an initial portfolio aimed at expanding gradually to exceed a total capacity of 1 GW, aligning with ACWA Power's strategy to boost its operational presence in China's renewable energy sector.

ACWA Power recently announced its successful entry into the Chinese market by securing over 1 GW of renewable energy projects, in collaboration with leading Chinese renewable partners, according to data available with Argaam.

The company added that this portfolio consists of multiple solar PV and wind projects and will be owned partially/fully by ACWA Power and other partners in multiple provinces in China.