Energy Acwa Power joins China’s renewable energy surge By Pramod Kumar January 17, 2025, 12:39 PM Reuters/Youssef Boudlal Acwa Power launched its China strategy in 2023 and plans to gradually expand its capacity to more than 1GW in the country Saudi renewables major Acwa Power has struck joint ventures with Chinese companies to launch two renewable energy projects worth $312 million in China. The company, which trades on the Saudi Exchange (Tadawul), started due diligence on up to eight projects in China, CEO Marco Arcelli said last May. Acwa Power will develop a 132-megawatt (MW) solar photovoltaic (PV) portfolio in Guangdong province in collaboration with Sungrow Renewables. The project will be built on three separate sites. The Saudi company and Mingyang Smart Energy Group, a Chinese renewable asset developer and wind turbine manufacturer, will jointly develop and invest in wind energy assets within China, starting with a portfolio of 200MW. The two projects are part of Acwa Power’s China strategy, launched in 2023, with plans to gradually expand capacity to more than 1 gigawatt. “Our growth strategy is more than just adding megawatts. It’s about building enduring partnerships that accelerate the global energy transition,” Mohammad Abunayyan, founder and chairman, Acwa Power, said. Acwa Power awarded 1GW solar project in Iraq Acwa Power signs up for 1GW Egyptian wind farm Something old, something new: GCC energy trends in 2025 Arcelli said the company is not just investing in renewable energy projects but in Chinese expertise and building long-term relationships. The Public Investment Fund-owned renewables company plans to triple its assets under management to $250 billion globally by 2030. In December Lyu Yunhe, Acwa Power’s head of China operations, revealed plans to invest up to $50 billion in renewable energy projects, Bloomberg TV reported.