Shanghai Electric, ACWA Power to Co-develop Global Solar Projects

Zheng further said that, his group plans to invest more in the region over the next several years.

With an aim to further expand its footprints into Belt and Road initiative countries, Chinese firm Shanghai Electric has entered into a pact with Saudi Arabia’s ACWA Power for global clean energy projects.

The move will also help Riyad-headquartered company in achieving its goal of generating 150 GW of power by 2030.

The two companies had signed the strategic partnership during a visit by Shanghai Electric’s Chairman and CEO Zheng Jianhua to Saudi Arabia.

Moreover, the Memorandum of Understanding (MoU) signed covers a range of energy projects, including construction of gas turbines, development of desalination, thermal, solar thermal, photovoltaic, wind and combined cycle power generation.

As part of the 2030 Vision reform plan, the Saudi government aims to expand renewable energy generation to represent 30 per cent of the country’s energy supply by 2030.

Since April 2018, the two clean-energy providers have worked together to construct solar plants in achieving this target.

Commenting on the partnership, Shanghai Electric, Chairman and CEO, Zheng Jianhua said, “This win-win partnership will allow us to work more closely with ACWA Power to develop clean-energy projects globally and to build our brand internationally as we continue to expand operations along initiative countries.”

Zheng further said that, his Group plans to invest more in the region over the next several years.

In an effort to grow overseas, the Chinese company follows various methods for global development. Through its first method, the company established new enterprises in nine Belt and Road countries, including Vietnam, India, Saudi Arabia, Iraq and Malaysia.

Whereas, during the second concurrent phase of development, the company saw its brand expand its project footprint in initiative countries.

In 2018, it’s overseas income exceeded about USD 1.67 billion; and approx 11 per cent of this income growth is attributable to export, international engineering and global investment enterprise income.