RIYADH: ACWA Power has announced significant progress in its strategic entry into the Chinese energy market, confirming that its China-based subsidiary received formal notification on Dec. 29 regarding the acquisition of wind power assets totaling 1,250 megawatts.
The transaction encompasses one operational site of 250 MW and four projects under construction totaling 1,000 MW, which are subject to conditional handover upon reaching operational readiness.
This development follows ACWA Power’s initial December 2024 announcement of its successful entry into China, through which the company secured over 1 gigawatt of renewable energy projects.
At the time, ACWA Power highlighted this milestone as its formal entry into the Chinese market, facilitated through strategic partnerships with local renewable energy developers.
The latest update, communicated by ACWA Power China, coincides with the signing of multiple Share Purchase Agreements for the targeted wind assets. The four under-construction projects will be incorporated into ACWA Power’s portfolio once they meet the company’s operational readiness conditions.
In its original announcement on Dec. 30, 2024, ACWA Power disclosed a portfolio of solar and wind projects across several Chinese provinces, to be owned fully or in partnership with local renewable energy firms, with implementation already underway. As of the most recent update, 333 MW from the development pipeline have met operational conditions and have been formally added to ACWA Power’s operational portfolio.
No changes to the costs associated with the transaction have been reported.
This move aligns with ACWA Power’s broader global strategy, which includes a pipeline of international investments valued at approximately $115 billion across renewable energy, water desalination, and green hydrogen.
Specifically, the company has outlined plans to invest up to $50 billion in China by 2030, targeting the acquisition and development of up to 20 gigawatts of clean energy assets.
The initiative underscores ACWA Power’s strategic focus on expanding its global footprint beyond Saudi Arabia, positioning China as a central market for long-term growth. Through these efforts, the company aims to support global energy transitions while reinforcing its role as a key international player in the clean energy sector.
