Saudi Arabia vitality main ACWA Energy introduced it’s creating greater than 1 GW of renewable vitality initiatives in China. The corporate in studies revealed Dec. 31 stated the portfolio contains photo voltaic and wind energy installations that may be owned collectively by ACWA Energy and Chinese language renewable vitality builders.
ACWA Energy in an announcement to Tadawul, the Saudi inventory change, confirmed that the initiatives are sited throughout China and are in superior levels of growth. Yunhe Lyu, who leads ACWA’s operations in China, earlier in December stated the corporate plans to take a position as a lot as $50 billion to construct renewable vitality initiatives in that nation by the top of this decade. Lyu stated ACWA envisions as a lot as 20 GW of renewable vitality technology capability, together with growth of inexperienced hydrogen initiatives.
“We have now an formidable goal of investing as much as $50 billion in inexperienced vitality, renewable applied sciences, inexperienced hydrogen, and desalination initiatives by 2030,” Lyu stated in an interview with the Bloomberg information service. “Our objective is to succeed in 1.3 GW of renewable vitality capability in China by the top of this yr.”
ACWA Energy is collaborating with Chinese language firms on initiatives each in China and in different international locations. The corporate is creating a wind mission in Uzbekistan with China Southern Grid Worldwide. China’s State Energy Funding Corp. is working with ACWA on energy initiatives in Saudi Arabia.
Chinese language President Xi Jinping’s go to to Riyadh in 2022 kickstarted a program of financial collaboration between China and Saudi Arabia. Officers have stated that bilateral commerce between the international locations in 2023 hit $107.23 billion, as China exported $42.86 billion in items to Saudi Arabia, whereas importing $64.37 billion of Saudi Arabian merchandise, largely crude oil and petrochemicals. The latest figures, via August 2024, present commerce between the 2 international locations has totaled almost $71 billion this yr.
Officers on Tuesday stated China is the main direct investor in Saudi Arabia for greenfield initiatives, with a lot of that cash supporting photo voltaic, wind, and battery vitality storage installations.
—Darrell Proctor is a senior editor for POWER.
