Saudi Edition 
Egypt Edition 
UAE Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
Read Full Issue 
PROJECT UPDATE- Acwa Power’s recently secured renewables portfolio in China includes USD 312 mn in solar and wind investments, representing an “initial batch” of Acwa’s planned investments that will eventually ramp up to a 1 GW portfolio, according to a statement (pdf).
Acwa’s first partners: The renewables giant will develop a 132 MW solar photovoltaic (PV) portfolio in Guangdong province in partnership with Sungrow Renewables, and a 200 MW wind energy project with turbine manufacturer Mingyang Smart Energy Group, with a combined investment of USD 312 mn. The timeline for the two projects and the allocation of investments were not disclosed.
We knew this was coming: Last month, Acwa said it aimed to secure a 1.3 GW pipeline of renewables developments in China by the end of 2024, with plans to invest up to USD 50 bn by 2030 in renewables, green hydrogen, and desalination. Acwa plans to invest between USD 6-10 bn in China this year, after investing USD 2 bn during its first year of operations in China, Acwa Executive Vice President for China Lyu Yunhe said in December.
A research center is also on the cards: Acwa Power earlier inked an R&D partnership with China’s Lujiazui Bureau to establish a USD 54 mn (SAR 202 mn) Shanghai research center focused on the development of solar, wind, energy storage, green hydrogen, and desalination technologies, during the Future Investment Initiative (FII) forum in late October,
IN OTHER ENERGY NEWS-
Saudi Arabia and Italy inked a five-year MoU to bolster energy cooperation, including the potential supply of Saudi-made hydrogen to Europe via Italy, according to a statement from the Saudi energy ministry. The proposed agreement also includes initiatives on cutting methane emissions, power connections, and carbon capture and storage systems.
Under the agreement, Italy can act as an entry point for Saudi renewable hydrogen and ammonia to Europe, which is “much closer, more competitive and strategic than other alternatives in the North Sea,” Italy’s energy and environment minister Gilberto Pichetto Fratin told Reuters.
