Round-up of news from China with Saudi Arabian power developer ACWA Power partnering with two Chinese companies, state-owned China Energy Engineering wins bid to develop a floating solar (FPV) project in the Philippines and Guodian Power invests in 2GW Saudi PV project.
ACWA advances its China strategy, cooperating with Sungrow and Mingyang Smart Energy
On January 14, ACWA Power signed cooperation agreements with inverter solar manufacturer Sungrow and Mingyang Smart Energy. These agreements are part of ACWA Power’s “China Strategy”.
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ACWA will jointly operate 132MW of solar PV assets with Sungrow in Guangdong Province, which consists of three sites. This is the first asset-level cooperation between the two companies.
ACWA Power will co-develop and invest in China’s wind energy assets with Mingyang Smart Energy, with an initial portfolio of 200MW. The total investment of the above two projects reaches US$312 million. With this as the beginning, the total installed capacity of ACWA Power’s first batch of projects in China will gradually expand to over 1GW.
China Energy wins bid for the Philippines’ first large-scale floating PV project
On January 16, China Energy Engineering announced that a consortium composed of its Jiangsu Institute of Electric Power Engineering and China Energy Engineering International has won the bid for the Philippines’ first large-scale FPV project, the NKS Caliraya Lake FPV EPC General Contracting Project.
The project is located on Lake Caliraya in Lumban, Laguna Province, and will have an installed capacity of 130MW. The winning bid includes the design, procurement, construction and commissioning of the floating system of the entire floating PV power plant and the medium-voltage AC transmission.
Guodian Power will invest in building a 2GW PV power plant in Saudi Arabia
On January 17, Guodian Power issued an announcement regarding its participation in the investment and construction of a 2GW PV project in Sadawi in the fifth bidding round by Saudi Arabia.
The announcement shows that the 2GW PV project in Sadawi in the fifth bidding round by Saudi Arabia is located in the city of Sadawi in the eastern province of Saudi Arabia, with an installed capacity of 2GW. At present, the preliminary work such as the project system plan, transmission, plant site, land use and investment structure has already been implemented.
Guodian Power Hong Kong Company, a wholly-owned subsidiary of Guodian Power, will invest in and construct the project along with Emirati state-owned renewables developer Masdar (Abu Dhabi Future Energy Company) and Korea Electric Power Corporation. Guodian Power Hong Kong Company will hold a 40% stake.
The total dynamic investment of the project is US$11.1 billion, with a capital ratio of about 32.38%. According to the dynamic total investment and the equity ratio, Guodian Power will allocate capital of about US$1.4 billion to Guodian Power Hong Kong Company.
