Saudi Arabia-based Acwa Power has formally entered into China’s renewable energy market with investment agreements for over 1 gigawatt ( GW ) of projects with prominent Chinese renewable energy developers across multiple provinces.

The agreements, the company says, mark a key step in Acwa Power’s China strategy that was launched in 2023.

Acwa Power’s first agreement with Sungrow Renewables – a subsidiary of its long-term supply chain partner – will see the development of a 132-megawatt ( MW ) solar photovoltaic portfolio in Guangdong province. This project, consisting of three individual sites, marks Acwa Power’s first asset-level cooperation with Sungrow Renewables.

The second agreement is with Mingyang Smart Energy Group, a renewable asset developer and wind turbine manufacturer. It establishes the foundation for both parties to jointly develop and invest in China’s wind energy assets, with a starting portfolio of 200MW.

The combined investment for the two portfolios – Sungrow and Mingyang – amounts to US$312 million.

These projects are part of an initial batch that will gradually expand to over 1GW capacity, solidifying Acwa Power’s operational presence in China’s renewable energy sector.

They also, according to the company, highlight its commitment to its China strategy, which aims to significantly expand its presence in the country. And, by 2030, the company plans to triple its assets under management to about US$250 billion globally.

“This is a momentous occasion for Acwa Power,” says Mohammad Abunayyan, the company’s founder and chairman. “Our entry into China’s renewable energy markets is a significant stride towards our global vision of a sustainable future.

“Ultimately, our growth strategy is more than just adding megawatts; it’s about building enduring partnerships that accelerate the global energy transition and contribute to a cleaner, more prosperous world for future generations."

Marco Arcelli, the company’s CEO, adds: “This is a significant step for Acwa Power in China, establishing our operational presence in the renewable energy sector and demonstrating our commitment to the market. We are not just investing in renewable energy projects but in Chinese expertise and building long-term relationships within the country.”