The Clap
ACWA Power (2082) revealed the signing of an important $1.5 bn agreement with Power China, an agreement that the Chinese president himself referred to in his recent speech.
What
ACWA Power signed a set of memorandums of understanding (MoUs) with nine prominent Chinese parties, within the framework of the first China-Arab summit in Riyadh.
The largest MoU was related to the “Red Sea Global” project, which will see Power China work on infrastructure and services as a partner.
So What
ACWA Power is looking to finance its new projects related to clean and renewable energy through the MoUs.
In addition, the company is looking to sign engineering, procurement, and construction contracting contracts and aims to purchase renewable energy equipment to implement these projects.
Now What
These agreements were signed within the framework of the first China-Arab summit and in conjunction with the official visit of the President of the People’s Republic of China, Xi Jinping, to Saudi Arabia.
