Shanghai Electric hails 'win-win partnership' with ACWA Power to develop clean energy projects globally
Shanghai Electric Group Co has signed a memorandum of understanding (MoU) to collaborate with Saudi Arabia's ACWA Power on global clean energy projects.
The two clean-energy providers signed the strategic partnership during a visit by Shanghai Electric's chairman and CEO Zheng Jianhua to Saudi Arabia.
The scope of the cooperation covers a range of energy projects, including gas turbines construction, desalination development, thermal, photovoltaic, solar thermal, wind and combined cycle power generation, a statement said.
As part of the 2030 Vision reform plan, the Saudi government aims to expand renewable energy generation to represent 30 percent of the country's energy supply by 2030.
"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," said Jianhua, adding that the group plans to invest more in the region over the next several years.
Shanghai Electric's overseas business income exceeded $1.67 billion last year. Recent wins include a coal-electricity integration project in Pakistan Thar, a solar-thermal power project in Dubai, power projects in Pakistan Qasim and Sahiwal and construction of Panamanian and Serbian gas turbine projects.