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ACWA Power targets over 1GW capacity in China with new $312 million agreements
The deals encompass a 132MW solar portfolio in Guangdong and a 200MW wind project.
Saudi Arabia’s ACWA Power has strengthened its foothold in China’s renewable energy market with two major agreements worth $312 million. These deals represent a significant milestone in its global expansion and commitment to advancing China’s clean energy transition.
The agreements include a 132-megawatt solar photovoltaic portfolio in Guangdong province and a 200-megawatt wind energy project. Both initiatives align with ACWA Power’s China strategy, introduced in 2023, to support the country’s renewable energy objectives.
The solar project represents ACWA Power’s first asset-level collaboration with Sungrow Renewables, a longstanding supply chain partner, and will span three sites in Guangdong. The wind energy agreement, signed with Mingyang Smart Energy Group, a leading wind turbine manufacturer, sets the stage for joint investments in China’s expanding wind sector.
“This is a significant milestone for ACWA Power in China, establishing our operational presence in renewable energy and water desalination,” Marco Arcelli, CEO of ACWA Power, said. “We are committed to working alongside our Chinese partners to contribute to the country’s clean energy and water transition.”
ACWA Power officially entered China’s renewable energy market in December 2024, unveiling plans to develop projects surpassing 1 gigawatt across various provinces.
These projects mark the initial phase of ACWA Power’s expansion in China, targeting over 1 gigawatt of capacity. This effort aligns with the company’s broader goal to triple its global assets under management to nearly $250 billion by 2030.
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