ACWA Power has formally entered China’s renewable energy sector through investment agreements for over 1 gigawatt (GW) of solar and wind projects across multiple provinces. These agreements, announced as part of ACWA Power’s China Strategy launched in 2023, mark the company’s first steps in establishing its operational presence in the country.
The first project involves a partnership with Sungrow Renewables, a subsidiary of ACWA Power’s long-term supply chain partner. This agreement focuses on developing a 132-megawatt (MW) solar photovoltaic (PV) portfolio in Guangdong province. The portfolio consists of three individual solar sites and represents ACWA Power’s first direct collaboration with Sungrow at the project level.
In addition to solar energy, ACWA Power has signed an agreement with Mingyang Smart Energy Group, a Chinese wind turbine manufacturer and renewable energy developer. This partnership establishes the groundwork for jointly developing and investing in wind energy projects in China. The initial portfolio under this agreement will include 200 MW of wind power projects.
The combined investment for these initial solar and wind energy portfolios amounts to $312 million. Over time, these projects will contribute to a larger expansion, ultimately exceeding 1 GW of capacity. This marks a step forward for ACWA Power’s renewable energy initiatives in one of the world’s largest and fastest-growing clean energy markets.
ACWA Power has also outlined broader ambitions in its global strategy. By 2030, the company aims to triple its assets under management to $250 billion, with renewable energy forming a major part of its portfolio. The company’s entry into the Chinese market complements its ongoing efforts to support the global energy transition and strengthen partnerships in the renewable energy sector.
These projects demonstrate ACWA Power’s focus on building relationships with Chinese renewable energy developers while contributing to the clean energy sector in the country.
