(Yicai) Jan. 15 -- ACWA Power, a leading Saudi Arabian developer, investor, and operator of power generation, renewable energy, and desalinated water plants, has reportedly penned several deals to invest USD312 million to boost its support of China's renewable energy goals.

ACWA Power linked arms with Sungrow New Energy, a unit of Chinese photovoltaic giant Sungrow Power Supply, to jointly operate 132-megawatt solar assets across three sites in Guangdong province, The Paper reported, citing a deal the pair inked yesterday.

In addition, ACWA Power signed a deal with Mingyang Smart Energy Group to co-develop and invest in a 200-MW wind energy project in China.

By 2030, ACWA Power plans to triple its assets under management to around USD250 billion worldwide, with those in China playing a crucial role, said Lv Yunhe, head of the firm's local operations. The company intends to invest up to USD50 billion in renewable energy, green hydrogen, and seawater desalination projects in the country, Lv added.

ACWA Power has outlined ambitious expansion plans for the Chinese market, aiming to develop local renewable energy projects with a combined installed capacity exceeding 1 gigawatt, continuously broadening its local footprint.

ACWA Power's renewable energy assets in China are spread across several provinces and are either wholly owned by the Riyadh-based company or are joint ventures with Chinese new energy firms, according to a statement it previously made on the Saudi Exchange.

The tie-up between ACWA Power and Sungrow New Energy marks the pair's first asset-level collaboration. However, in 2022, the Hefei-based parent firm signed a non-binding agreement with the Saudi firm to provide a 536 MW/600 MW-hours energy storage system for NEOM, a futuristic city project in Saudi Arabia.

Editor: Martin Kadiev