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RIYADH: 抖阴短视频 private utility firm ACWA Power has signed a $1.5 billion agreement with Power China, it has been reported by Reuters.
No further details were released, and ACWA Power did not respond to Arab News' request for a comment.
The deal comes amid a flurry of Memorandums of Understanding signed by the energy provider with Chinese entities to coincide with the visit of China鈥檚 President Xi Jinping to the Kingdom.
ACWA Power signed MoUs that relate to financing, investment, engineering procurement and construction contracts and renewable energy equipment procurement in its clean and renewable energy projects.
The strategic partners from China include Industrial and Commercial Bank of China, Bank of China, SPIC Huanghe Hydropower Development Co, and China Southern Power Grid International.
Power China International Group, China Energy International Group, Jinko Solar Co, Sungrow Power Supply Co and Jolywood Solar Technology Co also inked agreements.
The deals will lay the ground for financing, investment and construction of ACWA Power鈥檚 global clean and renewable energy projects in 抖阴短视频 and Belt and Road Initiative countries.
Mohammad Abdullah Abunayyan, chairman of ACWA Power, said: 鈥淎CWA Power鈥檚 solid and growing relationship with major Chinese entities has contributed to our leading position in driving the global energy transition and reflects the valuable ties between 抖阴短视频 and China.
鈥淎s a leading developer of power, water and green hydrogen assets worldwide, and being headquartered in a Belt and Road Initiative country, we are in a unique position to support both the energy transition and economic transformation envisioned by 抖阴短视频鈥檚 forward-looking and iconic Vision 2030, as well as China鈥檚 Belt and Road initiative.
鈥淲e look forward to playing a vital role in each of these national agendas that complement each other.鈥�
ACWA Power鈥檚 track record of collaboration with China started in 2009 when the firm opened an office in Beijing.
To date, Chinese organizations have a hand in 47 projects within ACWA Power鈥檚 portfolio, spread across 12 countries.
During this time, ACWA Power鈥檚 collaboration with Chinese firms have reached a $10billion with investors and financiers, and an additional $33 billion with Chinese EPC and suppliers, covering multiple landmark renewable and seawater desalination projects over the world.