ACWA Power signs cooperation agreements with Chinese partners on the 10th anniversary of Belt and Road Initiative

: Saudi-listed ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed seven cooperation agreements with Chinese firms during the third Belt and Road Forum in Beijing, for solar, green hydrogen and water desalination projects. The agreements reaffirm ACWA Power’s commitment to collaborative sustainable development by leveraging its ongoing partnership with Chinese investors, financiers, EPC contractors and material suppliers.

The agreements were signed with entities including State Power Investment Corporation, one of the largest state-owned power generators in China; the Beijing headquartered Bank of China; civil engineering firm Power China Group; power and infrastructure solutions provider Energy China Group; and solar panel manufacturer Jinko Solar.

During his keynote speech at the 2023 Belt and Road CEO Conference, Mr. Mohammad Abunayyan, Founder and Chairman of ACWA Power, said: "ACWA Power’s journey with China has been one of genuine friendship and fruitful cooperation, going back years and across geographies. Over the years, we have nurtured strong relationships with key Chinese partners, which have enabled us to drive transformative projects in the fields of renewables, green hydrogen, and water desalination. The agreements signed today further advance our common interest of developing projects that support positive climate ambitions.”

The forum also marked the 10th anniversary of China’s Belt and Road Initiative (BRI), a global infrastructure development programme launched in 2013 with the intention of increasing connectivity and trade between participating nations.

"Looking to the future, we see significant potential for continued collaboration under the Belt and Road Initiative, aligning seamlessly with the goals of Saudi Arabia’s Vision 2030. We are dedicated to nurturing this enduring partnership. ACWA Power is resolute in our commitment to the Chinese market and we recognise the critical role we play in the global clean energy landscape,” added Mr. Abunayyan.

ACWA Power has enjoyed a long-standing relationship with Chinese firms, collaborating on pivotal projects both within Saudi Arabia and in other markets. ACWA Power’s association with China began in 2009 with the establishment of a Beijing office. Since then, Chinese investors and financiers have contributed a total of US$10 billion across ACWA Power's global project portfolio, while Chinese EPC contractors, material suppliers, and financiers have participated in 47 projects and signed contracts worth more than USD 30 billion, covering landmark renewable, green hydrogen and seawater desalination projects worldwide.