Saudi Arabia’s ACWA Power has struck two initial agreements in China as part of an official visit by Saudi Crown Prince Mohammed bin Salman.
The energy company agreed deals with the Silk Road Fund and Huawei, which it said would pave the way for collaboration in further investments and in technological advancements of power generation and desalinated water production plants.
ACWA Power Chairman Mohammed Abdullah Abunayyan, said: “As a leading developer of power and water assets in the region committed to reducing cost and investing in several countries within the Belt and Road initiative corridor, ACWA Power has the unique position of being able to support the economic transformation envisioned by both the ambitious and collaborative Belt and Road initiative as well as Saudi Arabia’s forward-looking and iconic Vision 2030.”
Under the first agreement, the Silk Road Fund will partner with ACWA to invest in ACWA Power Renewable Energy Holding in Belt and Road countries including South Africa, UAE, Jordan and Egypt.
ACWA also entered into an agreement with Chinese tech giant Huawei, to collaborate in utilising ICT to increase efficiency and improve performance of solar photovoltaic (PV) energy projects owned by the Saudi company including the Sakaka PV IPP, the first utility scale solar plant in Saudi Arabia.
The collaboration also extends to digitalisation of power plant management, ACWA said in a statement.