Saudi renewables firm ACWA Power eyes major China expansion: What to know
By 2030, ACWA Power aims to expand its global assets to around $250 billion, with China projected to contribute between $30 billion and $75 billion.
ACWA Power, the Saudi Arabian renewable energy company majority owned by the country’s sovereign wealth fund, the Public Investment Fund, is planning a major expansion into China, according to the founder of the Riyadh-based firm.
What happened: Speaking at the so-called Summer Davos meeting in Tianjin, China, ACWA Power’s founder and chairman, Mohammed Abunayyan, was bullish about the country’s renewable energy market and long-term growth prospects.
"China, now the world's largest renewable energy market, represents a key opportunity for ACWA Power to scale its expertise in green energy solutions," Abunayyan said.
He said that China is ACWA Power’s second most important market globally after Saudi Arabia. Abunayyan said that a core focus of ACWA Power’s investments in China is water desalination. The Saudi Arabian company — which also has solar, wind and green hydrogen projects — says it is the world’s largest desalination company.
Why it matters: By 2030, ACWA Power plans to expand its global assets to approximately $250 billion, with China expected to account for between $30 billion and $75 billion of that. According to its website, ACWA Power invests in and operates 101 power generation and water desalination projects, with a portfolio size of $107.5 billion as of February 2025.
As well as being the biggest renewable energy market in the world, China has surpassed its 2030 green energy target years ahead of schedule, reaching 1.2 terawatts of wind and solar capacity by the end of last year, including 520 gigawatts of wind and 890 GW of solar.
Abunayyan called China “a strategically vital market with immense long-term potential” due to its commitment to renewable energy.
"China's commitment to innovation, massive market size and opening-up policies represent key drivers for continued investment and growth in the sector,” he added.
Know more: In January, ACWA Power announced partnerships with China’s renewable energy companies Sungrow and Mingyan Smart Energy to develop and invest in solar and wind projects, amounting to more than 1 GW.
ACWA Power also signed additional deals in Asia this week, including in Indonesia. Saudi state news agency SPA reported Wednesday that the energy company signed MoUs to explore investment opportunities in green energy projects with sovereign wealth fund Danantara Indonesia and state energy firm Pertamina.
