Mubasher: Saudi Arabia's Acwa Power has signed an agreement with state-owned Energy China to consider joint investment opportunities in the fields of power and water desalination across the Middle East and Asia, as reported by The National.
This step will be looked at as regional renewables activity is expected to expand, leading to a greater strengthening of relationship with China in the region, president and chief executive of Acwa Power, Paddy Padmanathan, said.
Considering joint business comes in line with a growing push to engage Chinese companies across the energy value chain in the Middle East.
“China, which has overwhelmingly relied on fossil fuel-based resources to power its economic growth has taken a significant step to shut down polluting factories that lead to smog in its metropolises and embrace cleaner energy, China's green efforts will see investments of up to $360bn in renewable energy by 2020 and the closure of nearly 85 coal-fired power plants,” The National added.
Earlier in June, Riyadh-based Acwa Power, which has been snapping up renewable energy contracts across the region, awarded Shanghai Electric work on the 700MW phase four of the Mohammed bin Rashid solar park.
“Acwa Power is undertaking the development of the phase with Dubai Electricity and Water Authority, with Shanghai Electric appointed as the engineering, procurement and construction contractor. Acwa Power recently submitted a bid on Saudi Arabia's first-ever wind project - a 400 MW scheme in the country's northern Al Jouf region,” according to The National.
