Saudi Arabia’s ACWA Power is advancing its global footprint in China’s renewable energy landscape, signaling a robust shift in its cross-border growth strategy. The company announced two major agreements totaling $312 million, underscoring its commitment to accelerating the clean energy transition in China while leveraging its experience in large-scale solar and wind deployments. The deals comprise a 132-megawatt solar photovoltaic portfolio spread across Guangdong province and a 200-megawatt wind energy project. These projects are positioned at the core of ACWA Power’s broader China strategy, launched in 2023 to support the nation’s ambitious renewable energy ambitions. The developments mark a meaningful expansion of ACWA Power’s operations in Asia and reinforce its goal of contributing meaningfully to China’s energy transition through diversified renewable assets.
ACWA Power’s China expansion: strategic context and milestones
ACWA Power’s entry into China represents a pivotal milestone in the company’s global expansion plan, aligning with the broader industry trend toward cross-border collaboration in renewable energy. The China market has long been a focal point for global energy developers due to its scale, policy support, and rapid deployment of clean energy capacity. ACWA Power’s formal entry into the Chinese market was publicly announced in December 2024, signaling a clear intention to develop projects that collectively exceed 1 gigawatt across multiple provinces. This approach underscores a strategic shift from single-project ventures to sizeable, multi-provincial portfolio development that can harness economies of scale, diversified risk profiles, and stronger partnerships with local supply chains.
The recent announcements of a 132 MW solar photovoltaic portfolio in Guangdong and a 200 MW wind energy project illustrate how ACWA Power is operationalizing its China entry plan. The solar portfolio’s size and multi-site structure allow for optimized resource assessment, better grid integration, and the potential for standardized engineering, procurement, and construction (EPC) approaches. The wind project, valued alongside the solar deal at $312 million, demonstrates a parallel commitment to wind energy that complements solar capacity and supports daily, seasonal energy supply diversification. Collectively, these deals reinforce ACWA Power’s strategy of establishing a sustained operational presence in renewable energy and water desalination in China, rather than pursuing sporadic or one-off investments.
From a strategic perspective, ACWA Power’s expansion aligns with its long-term ambition to scale its global footprint, tapping into China’s vast manufacturing capabilities, technology providers, and market dynamics. The company’s leadership frames this move not merely as an expansion of megawatts but as a deliberate effort to forge enduring partnerships with Chinese counterparts, transfer knowledge, and contribute to the country’s clean energy and water resource objectives. This partner-centric approach is designed to create lasting, symbiotic relationships in which ACWA Power leverages local expertise to accelerate project delivery, optimize operations, and facilitate technology transfer across renewables and desalination sectors.
ACWA Power’s China strategy, announced at the end of 2023 and accelerated through 2024, reflects a broader corporate vision to become a preferred partner for clean energy development in emerging and established markets alike. By targeting projects that exceed 1 GW in aggregate capacity across multiple provinces, the company signals an intent to scale up both project ownership and operational management in a way that can deliver reliable returns while advancing regional energy transition goals. This strategy also suggests a long horizon for partnerships, investments in local capabilities, and a focus on building a diversified asset base that can weather market cycles and regulatory shifts.
In sum, ACWA Power’s China expansion is a carefully phased, multi-year plan designed to transform its geographic footprint from regional to global, with China serving as a critical hub for growth in Asia. The combination of a solar portfolio and a wind project within a short timeframe demonstrates a balanced, multi-technology approach that can adapt to evolving market conditions, policy support mechanisms, and grid integration requirements. The emphasis on partnerships with Chinese technology leaders and manufacturers reflects a strategic acknowledgment that success in China’s renewable energy market is increasingly grounded in local collaboration, supply chain resilience, and knowledge exchange.
Guangdong solar portfolio: details and implications
The 132 MW solar photovoltaic portfolio in Guangdong province represents ACWA Power’s first asset-level collaboration with Sungrow Renewables, its long-term supply chain partner. Spanning three separate sites within Guangdong, this solar project embodies a practical application of the company’s strategy to leverage trusted Chinese technology and local partnerships to accelerate deployment. The asset-level arrangement with Sungrow Renewables is a milestone in the relationship, signaling a shift toward more integrated, site-specific development that can streamline project execution, optimize plant performance, and enable efficient lifecycle management.
Guangdong, as a key regional hub for solar energy development in China, offers favorable solar resources, a mature grid environment, and a supportive policy landscape that is conducive to large-scale PV projects. ACWA Power’s 132 MW footprint in this province is designed to capitalize on these advantages while showcasing the potential for cross-border investment and technology sharing in a high-growth market. The collaboration with Sungrow Renewables—an established supplier known for its solar inverters and related technologies—has strategic implications beyond the immediate project. It signals a broader intention to deepen the integration of Chinese solar technologies within ACWA Power’s global portfolio, enabling standardized equipment configurations, maintenance practices, and performance optimization protocols across projects.
From an operational perspective, the Guangdong solar portfolio is expected to contribute to the region’s decarbonization efforts by increasing renewable electricity generation capacity and reducing reliance on conventional power sources. The multi-site approach provides a platform to implement best practices in solar farm design, site selection, and performance monitoring, as well as to test and refine modular construction techniques that can be replicated across other markets. The project framework may also support scalable replication for future solar deployments in China, enabling ACWA Power to leverage lessons learned and a proven EPC approach in subsequent ventures.
The project’s financial and strategic dimensions are notable as well. The $312 million value attached to the two deals underscores the significant investment required to deliver efficient solar capacity at the scale targeted by ACWA Power. While the immediate focus remains the successful construction and commissioning of the three Guangdong sites, the broader implication for the company’s China strategy is the establishment of a credible, on-the-ground footprint that can attract additional capital, partners, and project opportunities in the region. The Guangdong portfolio can also function as a proving ground for performance data collection, asset optimization, and supply chain collaboration, providing a data-driven foundation for future decisions about deployment sequencing, technology choices, and partnership models.
Beyond the technical and financial aspects, the Guangdong solar portfolio has strategic significance for ACWA Power’s brand positioning in China and globally. Demonstrating a willingness to invest in Chinese technology and partnerships aligns with broader industry expectations that successful cross-border renewable energy development increasingly hinges on local collaboration, supply chain resilience, and regulatory alignment. The project serves as a tangible signal that ACWA Power intends to pursue a multi-site, multi-technology approach in China, which can help to diversify revenue streams, spread risk, and accelerate the company’s learning curve in a complex and rapidly evolving market.
In reviewing the Guangdong solar portfolio, several key takeaways emerge. First, the collaboration with Sungrow Renewables marks a meaningful step toward deeper, asset-level cooperation with Chinese technology providers, potentially setting a precedent for future deals. Second, the three-site configuration illustrates a pragmatic approach to site diversification, resource balancing, and grid integration, enabling more resilient performance. Third, the Guangdong initiative reinforces ACWA Power’s belief in the importance of building lasting relationships within China’s energy ecosystem as a cornerstone of its long-term growth in the region. Collectively, these factors position the Guangdong solar portfolio as a foundational asset within ACWA Power’s China expansion, capable of generating reliable returns while advancing the company’s broader clean energy mission.
The 200 MW wind project and China’s wind sector: collaboration with Mingyang Smart Energy
ACWA Power’s 200 MW wind energy project, signed with Mingyang Smart Energy Group, represents a strategic entry into China’s burgeoning wind sector. Mingyang, a leading wind turbine manufacturer, brings a strong track record of innovation, manufacturing capability, and market leadership in the wind energy domain. The partnership with Mingyang opens doors for joint investments, technology exchange, and a coordinated approach to developing wind capacity within China’s fast-growing renewable energy market.
The wind project underscores ACWA Power’s intent to pursue a diversified portfolio in China that spans multiple renewable technologies. By engaging with a globally recognized wind turbine developer, ACWA Power aims to align its wind asset development with local manufacturing capabilities, streamline procurement processes, and leverage Mingyang’s expertise in turbine technology, installation, and operations. This collaboration is positioned to support the rapid expansion of wind energy in China, where policy incentives, grid integration advances, and investment in wind resources are driving significant capacity growth. The synergies between ACWA Power’s global experience in large-scale energy projects and Mingyang’s domestic capabilities could facilitate more efficient project execution, better technology alignment with local grid requirements, and enhanced after-sales support for asset performance optimization.
From a market perspective, the 200 MW wind project complements the solar portfolio, enabling a more balanced and reliable energy mix within ACWA Power’s China portfolio. Wind energy often provides complementary generation patterns to solar, contributing to overall system reliability, particularly in periods of lower solar irradiance or higher wind activity. The combination of solar and wind assets can enhance portfolio-level metrics, such as capacity factor, dispatchability, and revenue stability, which are critical for attracting investors and securing favorable financing terms for large-scale renewable developments. The wind project also aligns with China’s broader goals of expanding wind capacity to meet its climate and energy security objectives, suggesting that ACWA Power’s approach could resonate with policymakers and industry stakeholders seeking international collaboration to accelerate the energy transition.
In terms of execution, the wind project with Mingyang invites a multi-faceted collaboration that encompasses technology transfer, local supplier engagement, and the integration of domestic manufacturing capabilities into the project’s lifecycle. This arrangement can lead to more efficient procurement, reduced logistics complexity, and improved supply chain resilience, all of which are essential to delivering on-time project milestones in a dynamic market. The partnership also signals a broader trend toward international developers leveraging Chinese wind expertise to accelerate deployment and optimize project performance in high-growth markets.
Overall, the 200 MW wind project with Mingyang Smart Energy Group is a strategic cornerstone of ACWA Power’s comprehensive China plan. It complements the Guangdong solar estates, strengthens the company’s multi-technology presence, and demonstrates a willingness to deepen collaboration with local technology leaders to drive faster, more efficient, and more reliable renewable energy development in China. The joint venture approach reflects a thoughtful balance between leveraging global experience and embracing local capabilities, a combination that can yield long-term benefits for both ACWA Power and China’s wind sector.
Leadership perspectives: insights from ACWA Power’s executives
Commenting on the strategic developments, Marco Arcelli, CEO of ACWA Power, highlighted the significance of establishing a robust operational footprint in China. He framed the move as a milestone that extends ACWA Power’s reach into renewable energy and water desalination, underscoring the company’s commitment to collaborating with Chinese partners to contribute to the country’s clean energy and water transition. Arcelli emphasized that the company’s investment approach goes beyond simply deploying kilowatts; it centers on building enduring, value-creating relationships that support the broader energy transition in China. This perspective reflects a long-term, collaborative mindset designed to foster sustainable progress through shared expertise, investment, and capacity-building with local stakeholders.
In addition to the operational emphasis, Arcelli underscored the intention to invest not only in renewable energy projects but also in Chinese expertise. He highlighted the importance of cultivating lasting relationships within China that extend beyond individual deals to create a durable ecosystem of cooperation. This ecosystem-oriented view aligns with a trend in global energy markets where cross-border collaborations are increasingly driven by the desire to lock in local talent, knowledge transfer, and robust supply chains that can support project delivery across multiple phases and locations. Arcelli’s remarks signal a strategic commitment to integrate into China’s energy landscape in a way that benefits both ACWA Power and its Chinese partners through sustained collaboration and mutual growth.
Mohammad Abunayyan, founder and chairman of ACWA Power’s board of directors, provided a perspective that ties China’s renewable energy expansion to the company’s broader global strategy for a sustainable future. He stated that entering China’s renewables market marks a key milestone, emphasizing that growth for ACWA Power is not solely about increasing megawatt capacity. Instead, the focus is on forging lasting partnerships that accelerate the energy transition and contribute to a cleaner, more prosperous world for future generations. Abunayyan’s commentary reinforces the notion that ACWA Power views its China initiative as part of a larger mission to advance sustainable development through collaboration, technology sharing, and long-term commitments that extend beyond financial returns.
Both leaders articulated a vision of growth that balances asset creation with strategic collaboration. The emphasis on long-term partnerships with Chinese firms, the commitment to integrating advanced technologies into local projects, and the focus on sustainable outcomes all align with ACWA Power’s stated objective of enabling a global energy transition. These leadership perspectives frame ACWA Power’s China entry as a disciplined, value-driven expansion rather than a purely financial endeavor, highlighting the importance of alignment with local market dynamics, regulatory environments, and partner ecosystems to ensure the long-term success of its investments.
Growth trajectory: from initial phase to a global-scale portfolio
ACWA Power’s announcements about China mark the beginning of a calculated growth trajectory. The two deals—the 132 MW Guangdong solar portfolio and the 200 MW wind project—represent the initial phase of an expansion plan aimed at delivering more than 1 gigawatt of capacity across multiple Chinese provinces. This strategic choice to initiate with a scalable, multi-province footprint reflects a deliberate approach to diversify risk, optimize resource allocation, and demonstrate the company’s ability to deliver complex, large-scale renewable projects within China’s regulatory and operating environment.
The long-term ambition to triple assets under management to approximately $250 billion globally by 2030 is a bold and ambitious target. It signals not only growth in asset quantity but also a commitment to enhancing the value and performance of each asset within ACWA Power’s portfolio. Achieving this level of AUM would position ACWA Power as a major global player in the clean energy sector, with a diversified asset mix across regions and technologies. Reaching this target will require sustained investment, rigorous project execution, effective portfolio management, and ongoing collaboration with government bodies, financial institutions, and technology partners.
The initial phase’s focus on exceeding 1 GW of capacity in China aligns with a broader strategy to combine scale with reliability and resilience. By pursuing multiple large projects across different provinces, ACWA Power can optimize its engineering and operational capabilities, standardize processes where feasible, and leverage experience from each project to improve performance in subsequent deployments. This approach also supports the company’s aim to create a diversified, high-quality portfolio that can attract international investors seeking stable returns from a well-managed, technology-forward renewable energy platform.
From a strategic standpoint, the China expansion complements ACWA Power’s multi-regional approach to energy development. The company’s global footprint includes operations in several markets, and the China push adds a critical, high-growth corridor to its portfolio. The mix of solar and wind projects demonstrates a balanced asset strategy designed to maximize revenue streams, hedge against market fluctuations, and contribute to grid stability as China’s energy system continues to evolve toward greater renewable penetration. The path toward 2030 envisions not only greater generation capacity but also enhanced capabilities in water desalination and other cross-cutting utilities, aligning with the company’s broader mission of delivering sustainable, reliable energy and water solutions on a global scale.
The ongoing expansion in China is also expected to influence ACWA Power’s partnering strategy. The Guangdong solar collaboration with Sungrow Renewables and the Mingyang wind partnership illustrate a pattern of aligning with established Chinese technology leaders. Such partnerships can streamline project development, facilitate technology transfer, and accelerate the localization of supply chains—factors that are crucial for large-scale, cross-border renewable projects. This approach could become a template for future deals in China and other markets where Chinese technology and manufacturing capabilities play a significant role in project feasibility, cost control, and long-term performance.
In sum, ACWA Power’s growth trajectory in China—from the initial $312 million deals to a broader plan of developing more than 1 GW and ultimately driving AUM toward $250 billion by 2030—reflects a forward-looking strategy built on scale, collaboration, and sustainable value creation. The company’s leadership communications emphasize that this growth will be anchored in enduring partnerships, local capacity-building, and a shared commitment to energy transition goals. The China expansion thus stands as a strategic centerpiece within ACWA Power’s global growth narrative, promising to influence how the company scales, partners, and operates in a rapidly evolving renewable energy landscape.
Industry context: implications for China’s renewable energy market
ACWA Power’s moves in China occur within a dynamic and rapidly evolving energy landscape. China has consistently demonstrated a strong commitment to expanding its renewable energy capacity, advancing grid integration, and promoting cleaner energy solutions to address environmental and energy security concerns. The engagement with Chinese technology firms for the Guangdong solar portfolio and the wind project with Mingyang reflects a broader market trend: cross-border collaborations between international developers and domestic manufacturers are increasingly common, enabling knowledge transfer, technology localization, and more efficient project execution.
The Guangdong solar portfolio’s asset-level collaboration with Sungrow Renewables highlights a growing preference for partnerships that leverage Chinese solar inverters, balance-of-system components, and grid-ready configurations. Such collaborations can accelerate project delivery, reduce supply chain risk, and enable streamlined operations across sites. The wind alliance with Mingyang Smart Energy Group similarly underscores the value of tying global investment horizons to local turbine manufacturing and wind technology capabilities. By interweaving international capital with domestic manufacturing strength, China’s renewable energy sector benefits from enhanced innovation, cost competitiveness, and a more robust supplier ecosystem.
From a policy and market perspective, ACWA Power’s entry into China’s renewables market complements the country’s goals of increasing clean energy capacity, improving energy security, and supporting regional industrial growth. Private-sector participation, especially by global players with extensive project management experience, can inject capital, technical expertise, and project-management discipline into Chinese markets. It can also act as a catalyst for further investments in grid modernization, storage solutions, and complementary technologies that enable higher penetration of renewables. The two deals—further strengthened by strategic partnerships—signal to the market that international developers are converging with Chinese manufacturers to pursue large-scale, multi-technology portfolios in alignment with China’s energy transition.
Moreover, the deals underscore the importance of scalable, long-term partnerships in achieving ambitious renewable energy targets. China’s evolving regulatory environment, permitting processes, and localization requirements necessitate collaboration with local players who understand provincial policies and market nuances. ACWA Power’s strategy to build enduring relationships with Chinese partners reflects an adherence to this reality and may serve as a model for future cross-border ventures seeking to integrate into China’s energy ecosystem. The company’s approach emphasizes long-term value creation, not just rapid capacity addition, and aligns with broader industry expectations that sustainable growth in China’s renewables market hinges on collaboration, local participation, and shared expertise.
The broader industry implications of ACWA Power’s China strategy include potential improvements in project financing—demonstrated by ambitious AUM targets and multi-project portfolios—along with more predictable asset performance through localized operations and maintenance. As the company scales its China portfolio, investors may gain confidence in its ability to deliver on large, complex projects within a favorable regulatory and market framework. The integration of technology partners like Sungrow Renewables and Mingyang also signals a strengthening of the regional supply chain, which could lower project costs, shorten development timelines, and improve overall project economics. If successful, these dynamics could create a favorable feedback loop: more cross-border investments, stronger domestic manufacturing capabilities, and accelerated renewable deployment across multiple provinces in China.
In summary, ACWA Power’s China deals reflect and contribute to a larger trend of international collaboration in China’s renewable energy space. The Guangdong solar portfolio and the 200 MW wind project with Mingyang symbolize how foreign investment, paired with robust Chinese technology and manufacturing ecosystems, can catalyze more efficient deployment, better risk management, and stronger performance outcomes for large-scale renewables. The market implications extend beyond the two projects, signaling a pathway for future cross-border collaborations that fuse global capital with local expertise to accelerate China’s clean energy transition and expand the global footprint of leading renewable developers.
Execution, risks, and resilience: building a durable China program
Executing large-scale renewable projects in China requires navigating a complex mix of policy, regulatory, logistical, and market considerations. ACWA Power’s approach—demonstrated by an asset-level solar collaboration with Sungrow Renewables and a wind partnership with Mingyang Smart Energy Group—shows a deliberate emphasis on leveraging established local capabilities to optimize project delivery and performance. This strategy can help mitigate risks associated with cross-border investments, including regulatory hurdles, supply chain disruptions, and local market variability. It also supports more predictable project timelines, cost control, and post-construction asset performance management, which are critical for investor confidence and long-term portfolio success.
In terms of risk management, several factors come into play for ACWA Power’s China program. Regulatory alignment and permitting processes are central to timely project initiation and commissioning. The company’s emphasis on enduring partnerships with Chinese technology leaders can help navigate regulatory pathways, access local incentives, and secure necessary approvals more efficiently. Supply chain resilience is another important consideration. By partnering with Sungrow Renewables and Mingyang, ACWA Power can tap into established, localized supply networks for solar inverters, wind turbines, and related components, reducing logistics complexity and enhancing maintenance support. This networked approach can bolster reliability, reduce downtime, and improve lifetime asset performance—factors that contribute to stronger project economics and investor confidence.
Technology transfer and local capacity building are additional pillars of resilience. The collaboration with Chinese technology partners offers opportunities for knowledge transfer, workforce development, and potentially localized manufacturing capabilities. These elements can lower long-term operating costs, enhance component availability, and foster continual improvement in asset performance. The long-term aspiration to triple assets under management to approximately $250 billion by 2030 also hinges on successful execution of initial projects and the ability to demonstrate scalable, repeatable development models that can be replicated across markets.
However, several challenges could shape the trajectory of ACWA Power’s China program. Market competition from domestic and international players, evolving policy signals, and fluctuating financing conditions could influence project feasibility and returns. The ability to adapt to shifts in China’s energy mix, grid constraints, and storage integration will be essential for sustaining growth. The company’s risk mitigation strategies will need to emphasize ongoing collaboration with policymakers, regulators, and local communities to ensure alignment with national and provincial energy goals and to secure a stable operating environment for long-term project viability.
On the opportunity side, the ACWA Power strategy in China could unlock additional value through cross-border knowledge sharing, joint procurement efficiencies, and standardized project development processes. By establishing a robust, multi-technology portfolio with strong local partnerships, ACWA Power positions itself to capitalize on China’s continued demand for clean energy capacity, while also expanding its global brand as a preferred partner for large-scale renewables. The company’s leadership has signaled a commitment to long-term investment, not only in assets but also in partnerships that can accelerate energy transition, which bodes well for resilience and sustained growth in China’s evolving renewable energy market.
The long view: goals, targets, and strategic alignment with China’s energy transition
ACWA Power’s China expansion sits at the intersection of the company’s broader corporate objectives and China’s ambitious clean energy transition. The two-pronged deals—the 132 MW solar portfolio in Guangdong and the 200 MW wind project—are more than standalone assets; they are components of a broader, multi-phased strategy to build a substantive, diversified presence in China. The initial phase aims to grow ACWA Power’s Chinese portfolio to more than 1 GW of capacity, reinforcing the company’s commitment to contributing meaningfully to the country’s renewable energy goals while expanding its own global platform.
Strategically, this expansion aligns with ACWA Power’s aspiration to grow its assets under management to approximately $250 billion globally by 2030. Achieving this ambitious target requires not only substantial project execution in China but also continued performance across existing markets, disciplined financial management, and ongoing expansion into renewable technologies and complementary sectors such as water desalination. The China program is positioned as a cornerstone of this long-term growth plan, offering a platform to demonstrate capabilities in large-scale project development, international collaboration, and technology integration that can be leveraged across markets.
China’s energy transition is characterized by a strong policy framework, expanding renewable capacity, and an emphasis on grid modernization and storage integration. ACWA Power’s investment approach—centered on durable partnerships, asset-level developments with Chinese technology leaders, and a multi-province footprint—fits well within this environment. The Guangdong solar portfolio and the Mingyang wind project are emblematic of a growth model that seeks to combine financial discipline with the strategic value of local expertise and manufacturing capabilities. Such a model can support faster project delivery, improved supply chain resilience, and enhanced operational performance, all of which contribute to the long-term success of ACWA Power’s presence in China.
The broader implications for the renewable energy industry include the potential for more international developers to adopt a similarly integrated approach to China, blending cross-border capital with domestic technology and manufacturing strength. If ACWA Power’s China program demonstrates consistent execution, financial stability, and meaningful contributions to grid integration and local jobs, it could serve as a blueprint for future collaborations seeking to balance global capital with local capability. In this sense, the company’s China strategy is not only about individual deals but about shaping a durable framework for sustainable, scalable growth in one of the world’s largest and most dynamic energy markets.
Conclusion
ACWA Power’s two $312 million agreements mark a significant advance in the company’s global growth narrative and its commitment to China’s renewable energy transition. The 132 MW solar portfolio in Guangdong, developed in partnership with Sungrow Renewables across three sites, and the 200 MW wind project with Mingyang Smart Energy Group, illustrate a deliberate, multi-technology approach to establishing a sustainable, scalable footprint in China. These ventures align with ACWA Power’s 2023-initiated China strategy and underscore its belief that long-term success in this market hinges on enduring partnerships, local expertise, and a capacity-building mindset.
The leadership perspectives from Marco Arcelli and Mohammad Abunayyan reinforce a vision that emphasizes not only megawatt growth but also the cultivation of strong, lasting relationships that accelerate the energy transition and contribute to a cleaner future. The company’s plan to exceed 1 GW of Chinese capacity in the initial phase, coupled with a broader objective to triple global assets under management to around $250 billion by 2030, signals a bold, growth-oriented trajectory that positions ACWA Power as a major player in global renewable energy development. The China program is framed as a strategic centerpiece in ACWA Power’s global expansion, designed to harness the country’s capabilities, strengthen cross-border collaboration, and deliver meaningful, long-term value for stakeholders and communities alike.
