RIYADH: ACWA Power has announced significant progress in its strategic entry into the Chinese energy market, confirming that its China-based subsidiary received formal notification on Dec. 29 regarding the acquisition of wind power assets totaling 1,250 megawatts.
The transaction encompasses one operational site of 250 MW and four projects under construction totaling 1,000 MW, which are subject to conditional handover upon reaching operational readiness.
This development follows ACWA Power’s initial December 2024 announcement of its successful entry into China, through which the company secured over 1 gigawatt of renewable energy projects.
At the time, ACWA Power highlighted this milestone as its formal entry into the Chinese market, facilitated through strategic partnerships with local renewable energy developers.
The latest update, communicated by ACWA Power China, coincides with the signing of multiple Share Purchase Agreements for the targeted wind assets. The four under-construction projects will be incorporated into ACWA Power’s portfolio once they meet the company’s operational readiness conditions.
