ACWA Power signs an agreement with Power China for $1.5 bln

In a television interview on the sidelines of the Saudi-Chinese summit, YUNHE LYU, Vice President and Chief Spokesperson for ACWA Power China, revealed the latest agreements signed in the energy sector between the Saudi and Chinese sides.

According to Al-Arabiya, he said that the largest of these agreements is in the Red Sea project in cooperation with Power China as a partner, which will work on infrastructure and services. It is an important agreement worth $1.5 billion, which the Chinese president himself referred to in his recent speech.

He added that the agreement signed with the Red Sea project includes the investment of the Chinese company SPIC in the project in the Kingdom, and it is one of the most recent Chinese companies in the renewable energy sector.

He continued: “The second largest of these agreements is with a Chinese company to establish a solar energy plant in Saudi Arabia. It is expected that the agreement will be signed this year, and construction of the project will begin next year, to produce 3.2 gigawatts of solar energy.

In addition, an agreement was signed with the People’s Bank of China to finance a project to produce wind energy with a capacity of 1 gigawatt, and today work on the project begins, according to what was stated by the vice president and chief spokesperson of ACWA Power in China.