BUSINESS

Saudi Power Giant ACWA Bets Big on China’s Renewable Energy Market

Published: Aug. 30, 2025 5:04 a.m. GMT+8

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ACWA Power’s wind power turbine.

Saudi Arabia’s largest power producer, ACWA Power, is intensifying its expansion into China’s renewable energy sector, with plans to boost capacity to more than 30 gigawatts and grow assets worth to more than $50 billion by 2030, according to its China head.

“China is critical for us,” said Saleh Al Khabti, ACWA Power’s China president, in an interview with Caixin in late August. “Over half of our global projects involve Chinese partners, and more than 95% of our equipment comes from Chinese suppliers.”

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ACWA Power aims to expand its China renewable capacity to over 30 GW and assets to over $50 billion by 2030, leveraging over 95% of equipment and half its global partnerships from China.
Globally, ACWA Power has invested $117 billion, with 94 GW installed capacity (52 GW from renewables), and is constructing the world’s largest green hydrogen plant in Saudi Arabia's Neom, expected to operate in 2026.
The company is expanding in multiple countries and views China as critical for renewable investment, but notes navigating China’s regional markets is complex.

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Who’s Who

ACWA Power: ACWA Power, Saudi Arabia's largest power producer, is expanding significantly into China's renewable energy sector. It aims to achieve over 30 gigawatts capacity and more than $50 billion in assets by 2030 globally. The company, headquartered in Riyadh, is actively involved in wind, solar, and green hydrogen projects, partnering with Chinese firms and leveraging Chinese suppliers.

GCL Energy Technology Co. Ltd.: GCL Energy Technology Co. Ltd. is a Chinese company that signed a strategic partnership with ACWA Power's Shanghai subsidiary in June. This collaboration focuses on joint projects in wind, solar, storage, and integrated energy.

Sungrow Power Supply Co. Ltd.: Sungrow Power Supply Co. Ltd. is a Chinese company collaborating with ACWA Power. They are working together on a 132 MW solar station project. This partnership highlights ACWA Power's engagement with Chinese suppliers and its expansion into China's renewable energy sector.

Ming Yang Smart Energy Group Co. Ltd.: Ming Yang Smart Energy Group Co. Ltd. is one of the Chinese partners that ACWA Power is collaborating with in China's renewable energy sector. Specifically, they are working together on a 100 MW wind farm project.

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What Happened When

Earlier in 2025：: ACWA Power entered China’s renewable market and launched more than 200 megawatts of wind and solar projects.

June 2025：: ACWA Power’s Shanghai subsidiary signed a strategic partnership with GCL Energy Technology Co. Ltd. to cooperate on wind, solar, storage, and integrated energy projects.