EqualOcean has learned that ACWA Power, a global leader in energy transition, has successfully signed a cooperation agreement with the Shanghai Waigaoqiao Group's New Development Company. ACWA Power's global innovation center will be established in Shanghai Pudong’s Waigaoqiao New Exhibition City, focusing on fields such as photovoltaics, wind power, energy storage, green hydrogen, and seawater desalination. It will build three main platforms: a green energy research and development center, a green energy laboratory, and a green energy demonstration base. ACWA Power aims to leverage its global asset layout, advanced renewable energy and seawater desalination technologies, and experience in integrating the green hydrogen supply chain to create a comprehensive green energy innovation ecosystem that encompasses research and development, testing, industrialization, and application, thereby promoting the emergence of new productive forces in the green energy sector in Shanghai Pudong.
The collaboration not only demonstrates ACWA Power's deep commitment to the Chinese market but also opens a new chapter in cooperation in the renewable energy sector, significantly facilitating the expansion of Chinese renewable energy enterprises into the Saudi market. Against the backdrop of the deep integration of China’s Belt and Road Initiative with Saudi Arabia’s Vision 2030, ACWA Power has established comprehensive and lasting strategic partnerships with leading Chinese financial institutions, investment partners, EPC contractors, and equipment suppliers, with a cooperation scale exceeding $37 billion. Furthermore, ACWA Power is the largest buyer of engineering services and renewable energy equipment in the Middle East.
Headquartered in Riyadh, Saudi Arabia, ACWA Power is a leading global developer, investor, and operator of power and seawater desalination projects, dedicated to promoting a decarbonized and sustainable future. By implementing its China Investment Development 2.0 strategy, ACWA Power will continue to increase its investments in China, fully leveraging its core strengths in global asset operation, technology, and supply chain integration to accelerate the industrialization and large-scale application of renewable energy, seawater desalination, and green hydrogen, while building a green ecosystem. At the same time, ACWA Power will deepen its close cooperation with various sectors in China to jointly lead the global energy transition, assist in achieving dual carbon goals, and promote long-term economic growth and social prosperity.
Picture Source: Embassy of China in Saudi Arabia.