ACWA Power ink partnerships with 9 Chinese firms

The Chinese companies will support the financing and construction of ACWA’s projects.

ACWA Power has signed memorandums of understanding (MoU) agreements with nine Chinese entities to support financing, investment, and construction of the Saudi Arabia-based company’s projects locally and in Belt and Road Initiative countries.

In a statement, ACWA Power said the partners from China include the Industrial and Commercial Bank of China (ICBC), Bank of China, SPIC Huanghe Hydropower Development Company, China Southern Power Grid International, Power China International Group, China Energy International Group, Jinko Solar Company, Sungrow Power Supply Company and Jolywood Solar Technology Company.   

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The company’s partnership with China started when it opened its Beijing office in 2009, and has entered strategic relations with leading Chinese engineering, procurement, and construction (EPC) contractors, equipment suppliers, financing institutions and investment partners.

The Chinese firms have taken part in ACWA Power’s 47 projects in 12 countries, with collaboration with investors and financiers reaching $10b, and with EPC and suppliers reaching $33b, covering renewable and seawater desalination projects globally.