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Saudi Arabian private utility ACWA Power will kick off its operations in China in 2024, as it looks to boost its footprint in the Asia-Pacific region.
The move is part of the company’s global expansion plan which will run through 2030, Bloomberg reported, quoting ACWA Power CEO Marco Piero Arcelli.
“We’re planning to boost investments in the Asia-Pacific region, where our expertise is required,” the CEO said.
The company also plans to get European businesses to work with ACWA Power and set up operations in Saudi Arabia.
ACWA Power, which plays a central role in Saudi Arabia’s energy transition strategy, signed late last year several deals with nine Chinese entities.
The agreements were signed during the state visit of China’s president Xi Jinping and laid the ground for financing, investment and construction of ACWA Power’s global clean and renewable energy projects in Saudi Arabia and Belt and Road Initiative countries.
(Writing by Cleofe Maceda; editing by Seban Scaria)
