Saudi Arabia-based energy developer, ACWA Power, has signed strategic deals with two Chinese entities, Silk Road Fund and Huawei to lay the ground for collaboration in further investments and in technological advancements of power generation and water desalination plants.
Commenting on the development, ACWA Power’s chairman Mohammad 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. We look forward to playing a vital role in both these national agendas which complement each other.”
Over the last few years we have been privileged to work with a number of Chinese entities on our high-profile projects and we’re eager to see our streak for successful collaboration continue through new agreements with @Huawei and Silk Road Fundhttps://t.co/bTZmXy5Euo pic.twitter.com/9Ognq8O90o— ACWA Power (@ACWAPower) February 25, 2019
Under the agreement, the Silk Road Fund will partner with the company to invest in Renewable Energy Holding Ltd in Belt and Road countries including South Africa, UAE, Jordan and Egypt. Read more: China’s Silk Road Fund to acquire 24.01% equity interest in DEWA CSP project
Following the first signing, at the Saudi China Investment and Cooperation Forum, ACWA Power also entered into an agreement with Huawei.
The two companies will be collaborating on utilising ICT to increase efficiency and improve performance of solar PV energy projects owned and operated by ACWA Power including the Sakaka PV IPP, the first utility scale solar plant in Saudi Arabia.
The collaboration also extends to digitalisation of power plant management.