Acwa Power, a Saudi developer and energy generation operator, said it signed a series of Memorandums of Understanding with nine Chinese entities.
They were signed during the 1st China Arab Summit last week and coincided with a state visit by China’s President Xi Jinping. The agreements will lay the basis for financing, investment and construction of Acwa Power’s energy projects in Saudi Arabia and Belt and Road Initiative countries.
Acwa Power opened an office in Beijing in 2009.
News website tradearabia.com reported that Acwa signed an agreement with solar group Sungrow Power Supply to provide a 536MW/600MWh energy storage system to be set up at Saudi city of Neom.
Acwa said Chinese organisations are involved in 47 projects in 12 countries within its portfolio. Its collaboration with Chinese firms has reached $10 billion with investors and financiers, and an additional $33 billion with other Chinese companies.
It said its strategic partners from China include 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.
