Avaada Group Pledges $12 Billion To Make Rajasthan A Global Renewable Energy Powerhouse
December 24, 2024
Renewables near 30% of Belgian power mix
January 3, 2025
Saudi Arabia’s utility giant, ACWA Power, has successfully entered China’s renewable energy market with over 1 gigawatt (GW) of solar and wind projects under development. This portfolio, co-owned with leading Chinese renewable energy companies, spans multiple provinces and is in advanced stages of progress.
In a statement to the Saudi stock exchange, Tadawul, ACWA Power highlighted this achievement as a significant milestone in its global expansion strategy. The initiative aligns with its ambitious plan to invest $50 billion in renewable energy, green hydrogen, and desalination projects in China by 2030.
Yunhe Lyu, head of ACWA Power’s China operations, announced earlier this month that the company aims to achieve 1.3 GW of renewable energy capacity in China by the end of 2025 and acquire up to 20 GW in clean power assets. Additionally, ACWA Power intends to produce 1 million tonnes of green hydrogen annually within China.
The company’s strategy in China emphasizes partnerships with state-owned enterprises both locally and internationally. Recent collaborations include a wind project in Uzbekistan with China Southern Grid International and renewable initiatives in Saudi Arabia with the State Power Investment Corporation.
This expansion reflects broader economic cooperation between Saudi Arabia and China, anchored by Saudi Vision 2030. Bilateral trade between the nations reached $107.23 billion in 2023, with continued growth into 2024. China remains Saudi Arabia’s largest trading partner and a critical source of greenfield foreign direct investment, contributing $21.6 billion from 2021 to 2024, one-third of which was directed toward clean energy projects.
ACWA Power’s entry into China coincides with major Saudi projects like Saudi Aramco’s $9.82 billion petrochemical complex in Fujian province, developed in partnership with Sinopec. This facility, featuring a 320,000-barrel-per-day refinery and a 1.5-million-tonne-per-year ethylene plant, is slated for completion by 2030. Beyond energy, Saudi-China collaboration extends to advanced technologies and low-carbon solutions, strengthening ties established during Chinese President Xi Jinping’s 2022 visit to Riyadh
Related posts
Photo taken on May 19, 2021 shows Karachi Nuclear Power Plant Unit-2 K-2 in southern Pakistani port city of Karachi. Speaking virtually at the inauguration ceremony of the Karachi Nuclear Power Plant Unit-2 K-2, Pakistani Prime Minister Imran Khan said that Friday marks the 70th anniversary of the establishment of diplomatic relations between the two countries, and apart from the ever-strengthening bilateral ties, the people-to-people contacts have also become deep-rooted with the passage of time. (Photo by Str/Xinhua via Getty Images)
