ACWA Power, which trades on the Saudi stock exchange, said on Tuesday that it has signed renewable energy investment agreements worth $312 million with China’s Sungrow Renewables and Mingyang Smart Energy.

The first agreement with Sungrow Renewables, a subsidiary of its long-term supply chain partner, will see the development of a 132-megawatt (MW) solar photovoltaic (PV) portfolio in Guangdong province on three individual sites.

The second pact with Mingyang Smart Energy Group aims to jointly develop and invest in China’s wind energy assets, with a starting portfolio of 200 MW.  

No timeline was given but the projects are part of ACWA Power’s China strategy, which aims to build a portfolio of more than 1 gigawatt (GW).

The Saudi renewables major plans to triple its assets under management to about $250 billion globally by 2030.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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