- ACWA Power plans to invest up to $75 billion in China’s renewable energy sector by 2030, making it the company’s second most important market after Saudi Arabia.
- The company has secured over 1GW of renewable energy projects in China and aims to expand in solar, wind, green hydrogen, and desalination.
ACWA Power, a leading energy and desalination company based in Riyadh, Saudi Arabia, plans to increase its investments in China’s growing renewable energy market. The company’s founder and chairman, Mohammad A. Abunayyan, shared this commitment during the recent Summer Davos meeting in Tianjin.
Abunayyan said ACWA Power sees China as a key market for its green energy ambitions. “China, now the world’s largest renewable energy market, represents a key opportunity for ACWA Power to scale its expertise in green energy solutions,” he stated.
He said China’s renewable energy sector will play a significant role in ACWA Power’s long-term growth. The company plans to grow its global assets to $250 billion by 2030, with $30 billion to $75 billion expected to go into China alone.
Abunayyan called China ACWA Power’s second most important market after Saudi Arabia. He praised China’s focus on renewable energy, advanced technology, and strong market demand.
“China’s innovation, massive market size, and open investment policies are major reasons we are committed to investing here,” he said.
This year, ACWA Power officially entered the Chinese renewable energy market. It has already secured over 1 gigawatt (GW) of renewable energy projects in multiple provinces. The company aims to invest in solar, wind, desalination, and green hydrogen projects in China over the next several decades.
Earlier in the year, ACWA Power partnered with Chinese companies Sungrow and Mingyang Smart Energy. Together, they plan to develop solar and wind projects that will help China meet its carbon neutrality goals.
The company is also exploring opportunities in offshore wind, water desalination, and green hydrogen. Abunayyan said ACWA Power wants to invest in research and development in China to support these goals.
Industry experts believe China’s strong energy demand and green goals make it attractive for global companies. Lin Boqiang, director of the China Institute for Studies in Energy Policy at Xiamen University, said China offers access to the world’s largest energy consumer base and helps companies shift away from fossil fuels.
Abunayyan also expressed complete confidence in China’s economy. He pointed to rising energy demand driven by the country’s large population, growing middle class, and rapid adoption of technologies like artificial intelligence.
One of ACWA Power’s top priorities in China is water desalination. The company, which is the world’s largest desalination provider, plans to localise production and supply chains for desalination technology. These locally made components will also support ACWA Power’s global projects.
Abunayyan praised China’s efforts to create a better environment for foreign investment. He mentioned improvements in transparency and openness toward international businesses.
Despite global challenges such as geopolitical tensions and supply chain disruptions, Abunayyan remains optimistic about China’s future.
“I am very confident about the long term, and ACWA Power will continue to work closely with Chinese partners, including both state-owned and private companies,” he said.