Chinese Money Flow For ACWA Power’s Projects

ACWA Power Enters MoUs With 9 Chinese Entities Including With JinkoSolar, Sungrow & Jolywood

Chinese Money Flow For ACWA Power’s Projects

ACWA Power says the agreements with Chinese companies will help it secure finance to construct renewable energy projects in Saudi Arabia and Belt and Road Initiative countries. (Photo Credit: ACWA Power)

  • ACWA Power has signed MoUs with 9 Chinese companies including for renewable energy projects and financing
  • Among solar PV equipment suppliers, it has struck contracts with JinkoSolar, Sungrow and Jolywood
  • Jolywood says it will supply n-type TOPCon bifacial modules while with JinkoSolar the deal is for 4 GW module delivery

Saudi Arabian energy company ACWA Power has announced entering strategic partnerships with 9 Chinese entities, including for finance, investing, EPC and renewable energy projects. JinkoSolar, Sungrow and Jolywood represent the solar PV equipment suppliers under the agreements signed.

Jolywood says under the MoU, it will provide n-type TOPCon bifacial PV modules to its Saudi Arabian counterpart which will also enable the former to build strategic partnership in the Middle East Africa region. Jolywood has supplied 320 MW n-type TOPCon bifacial modules to ACWA Power’s Mohammed bin Rashid Al Maktoum Solar Park (MBR Solar Park) in Dubai and same for 490 MW for Ibri II solar plant in Oman.

“Currently, Jolywood is putting efforts on the construction of N-type TOPCon high-efficiency cell project with an annual production capacity of 16 GW in Shanxi China, to meet the demand of the Middle East market. In the future, ACWA Power and Jolywood will explore new cooperation opportunities and contribute ‘China Power’ to the green energy in Middle East Africa,” said Jolywood Chairman Lin Jianwei.

Local news reports announced 4 GW n-type Tiger Neo module supply agreement between JinkoSolar and ACWA Power under the MoU.

Remaining 7 partnerships were struck with China include Industrial and Commercial Bank of China (ICBC), Bank of China, SPIC Huanghe Hydropower Development Company, China Southern Power Grid International, Power China International Group, and China Energy International Group.

ACWA Power says these memorandums of understanding (MoU, signed during the 1st China Arab Summit, will lay the ground for financing, investment and construction of its global clean and renewable energy projects in Saudi Arabia and Belt and Road Initiative countries.

“We are confident that these recent agreements with leading Chinese entities will further contribute to the growth and efficiency of our plants across the region as we strive to reliably deliver clean and green power to communities and industries,” said ACWA Power’s Chief Portfolio Management Officer Kashif Rana.

The Saudi company counts 47 of its projects across 12 countries having Chinese participation, with the collaboration reaching $10 billion with investors and financiers along with an additional $33 billion with Chinese EPC and suppliers covering renewable and seawater desalination projects.

Jolywood’s CTO Dr. Fute Zhang will discuss leading backsheet structures and their apt applications during TaiyangNews Reliable PV Module Design—How to Make High-Quality Solar Modules on December 14, 2022. Registrations to the event are free and can be done here.

About The Author

Anu Bhambhani

SENIOR NEWS EDITOR Anu is our solar news whirlwind. At TaiyangNews, she covers everything that is of importance in the world of solar power. In the past 9 years that she has been associated with TaiyangNews, she has covered over thousands of stories, and analysis pieces on markets, technology, financials, and more on a daily basis. She also hosts TaiyangNews Conferences and Webinars. Prior to joining TaiyangNews, Anu reported on sustainability, management, and education for leading print dailies in India. [email protected]

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