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Acwa Power plans to invest between USD 6-10 bn in China next year, Acwa Power China CEO Yunhe Lyu (Linkedin) told Asharq Business. The company invested USD 2 bn during its first year of operations in China, Lyu added.
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ICYMI: Acwa Power’s latest China-based project was unveiled during the Future Investment Initiative (FII) forum in late October, where the renewables giant inked an R&D partnership with China’s Lujiazui Bureau to establish a USD 54 mn (SAR 202 mn) Shanghai research center focused on the development of solar, wind, energy storage, green hydrogen, and desalination technologies.
IN CONTEXT- The government is taking steps to consolidate investment ties with China, with PIF leading the charge. The fund inked six MoUs valued at up to USD 50 bn with major Chinese banks in early August, with the move coming in a bid to spur “two-way capital flows through both debt and equity, and come as part of PIF’s strategy to foster institutional partnerships globally.”
