Saudi Arabian utility developer ACWA Power has signed deals with Chinese companies to boost collaboration in clean energy.
The agreements, expected to complement Saudi Arabia’s energy transition efforts, were signed ahead of the company’s plans to kick off operations in the Asian state.
The MoUs were signed with state-owned China Southern Power Grid International Company clean energy integrated solution provider MingYang Smart Energy Group, according to a statement on Wednesday.
The deals were signed during the China-Saudi Arabia Economic and Trade Cooperation Conference in Riyadh.
The Saudi-listed company’s partnership with Chinese entities is essential to Saudi Arabia’s energy transition plans.
“ACWA Power is committed to contribute to the energy transition under Vision 2030, and we believe that our partnership with Chinese companies is essential to this effort as they have played a significant role in the development of renewable energy in Saudi Arabia,” said Mohammad Abunayyan, Chairman of ACWA Power.
ACWA Power said this month it will kick off its operations in China next year. The move is part of the company’s global expansion plan which will run through 2030.
(Writing by Cleofe Maceda; editing by Seban Scaria)