Saudi Arabia's ACWA Power acquires wind energy projects in China totalling 1,250 MW

Saudi Arabia's ACWA Power received notification from ACWA Power China regarding entry into purchase agreements to acquire several wind energy projects in China, the company stated on Tadawul on December 30.

The projects include one operational facility of 250 megawatts and four under construction, totalling 1,000 MW, with conditional delivery after receiving operating certificates.

ACWA Power announced its entry into the Chinese market in December 2024 with a renewable energy project development portfolio of one gigawatt total capacity.

The company closed 333 MW after meeting acquisition conditions and added them to its operational portfolio.

ACWA Power signed a share purchase agreement last week to acquire the entire 32% stake held by Water and Electricity Holding Company subsidiary of the Public Investment Fund in Shuaibah Water and Electricity Company.

Shuaibah has an electricity generation capacity of 900 MW and a water desalination capacity of 880,000 cubic metres daily.

ACWA Power is currently an indirect shareholder in the company, and through this transaction will increase ownership from 30% to 62%.

The project involves limited operational risks and features contracted cash flows until 2030. The transaction will lead to additional contributions to ACWA Power's profits and cash flows.