ACWA Power, a global leader in energy transition, signed an agreement with Xin Development Company, a subsidiary of Waigaoqiao Group, recently.
According to the agreement, the ACWA Power Global Innovation Center will be established in Waigaoqiao Neocity, focusing on photovoltaics, wind power, energy storage, green hydrogen and seawater desalination. It will develop three major platforms: a green energy R&D center, a green energy laboratory and a green energy demonstration base.
Leveraging its global asset layout, advanced renewable energy and desalination technologies, and green hydrogen industry integration experience, ACWA Power aims to create a green energy innovation ecosystem encompassing technology R&D, testing, industrialization and application. This initiative will enhance the aggregation of new productive forces in the green energy sector in Pudong.
Headquartered in Riyadh, Saudi Arabia, ACWA Power is a leading global developer, investor and operator in power and desalination, advocating for a decarbonized and sustainable future. It holds assets in 13 countries with a total investment exceeding US$94 billion, an installed power capacity of 65.6 gigawatt and a desalination capacity of 8 million cubic meters per day.
Against the backdrop of China's Belt and Road Initiative and Saudi Arabia's Vision 2030, ACWA Power has established comprehensive, long-term strategic partnerships with leading Chinese partners, with cooperation scale exceeding US$37 billion.
By formulating the China Investment Development 2.0 strategy, ACWA Power will continue to increase its investment in China, leveraging its core strengths in global asset operations, technology and industry chain integration. This will accelerate the large-scale production and application of renewable energy, desalination and green hydrogen, as well as the construction of related ecosystems.
