Riyadh - Mubasher: ACWA Power announced strengthening its renewable energy portfolio by investing in two renewable energy projects in the People's Republic of China.

The company explained, in a statement, that the total investments in the two projects amount to 312 million US dollars, equivalent to 1.17 billion Saudi riyals.

She pointed out that this investment is her first in the Chinese market after announcing the "China Strategy" that was launched in 2023.

She also noted that it will secure a renewable energy portfolio of more than 1 gigawatt, which is expected to be invested in several Chinese provinces, in partnership with Chinese companies specializing in this field.

The investment will be in a 132 MW solar photovoltaic project in China's Guangdong Province.

This project, which consists of 3 individual sites, represents ACWA Power’s first asset-level collaboration with Sungrow Renewable Energy.

The second agreement, signed with Mingyang Smart Energy Group, sets a framework for joint cooperation between the two parties to develop and invest in wind energy assets in China, with a capacity of 200 megawatts.

These projects are part of an initial group of projects that will gradually expand to exceed a total capacity of 1 GW, contributing to the company’s plans for future expansion in the renewable energy sector in China.