An MOU has been signed between Shanghai Electric and Saudi’s ACWA Power to co-develop global solar projects. This MOU will mark an extension in the Shanghai Electric’s operations in China’s BRI project.
It will be an expansion of ACWA Power goal to generate electricity capacity of 150GW power by 2030.
Shanghai Electric Group Co., Ltd is one of the leading multinational power generation and electrical equipment manufacturing conglomerate. The MOU that has been signed with ACWA Power will lead to the development of global clean energy projects.
During a visit by Shanghai Electric’s Chairman and CEO Zheng Jianhua to Saudi Arabia on 16th April, the MoU was signed. There will be different energy projects that will be undertaken which includes the construction of gas turbines, development of desalination, power generation thermal, photovoltaic, solar thermal, wind and combined cycle.
The aim of the Saudi government as part of its”2030 Vision” is to expand the renewable energy generation. It will represent 30% of Pakistan’s energy’s supply.
As part of the reform plan, the Saudi government aims to expand to represent the country’s energy supply by 2030. Shanghai Electric has worked alongside ACWA Power to construct solar facilities since April 2018 in contribution towards this target.
Zheng said, “This win-win partnership will allow us to work more closely with ACWA Power to develop clean-energy projects globally and to build our brand internationally as we continue to expand operations along initiative countries.”