Dubai, UAE /PRNewswire/ - ACWA Power, a leading developer, owner, and operator of power generation and water desalination plants, today signed a Memorandum of Understanding (MoU) with China Energy Engineering Corporation Limited (ENERGY CHINA), a global leader in international engineering and EPC contracting, during a ceremony in Dubai.
The framework agreement will enable both companies to explore joint investment opportunities and cooperate on power generation and water desalination projects across the Middle East and Asia where ACWA Power operates.
The MoU was signed by ACWA Power's Chairman, Mohammad Abunayyan and ENERGY CHINA's Chairman, Wang Jianping, who were accompanied by high-level dignitaries, including senior officials from China's public sector, as well as senior business executives and professionals from China Gezhouba Group Company (CGGC).
Commenting on the announcement, ACWA Power Chairman Mohammad Abunayyan stated: "Today's MoU with Energy China is a great milestone that demonstrates our effort towards providing superior solutions within the power and water sector in the region and around the world. We are delighted to have partnered with a company that shares both our core values and ethos for change within the industry."
"We are privileged to be here in Dubai and to have signed this MoU with an industry leader in the power and water sector," said the Chairman of ENERGY CHINA, Wang Jianping. "With this agreement, we will strengthen the ties between China and the Middle East and unlock new potential power generation opportunities in the region."
Paddy Padmanathan, President and CEO of ACWA Power, said: "We're honoured to partner with one of the leading engineering and EPC contracting companies in the world. This MoU further demonstrates our success in bringing the best in market to the countries in which we operate. We believe this new partnership will allow us both to grow and to strengthen our relationship with China in the region."
ACWA Power operates in 10 countries and has signed MoUs with various companies in those countries pledging to support local governments in the provision of reliable and cost-effective power source and desalinated water solutions within the utility sphere.
About ACWA Power:
ACWA Power is a developer, investor and operator of a portfolio of power generation and desalinated water production plants currently with presence in 10 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions. ACWA Power's portfolio, with an investment value in excess of USD 30 billion, can generate 22+ GW of power and produce 2.7 million m /day of desalinated water to be mostly delivered on a bulk basis to state utilities and industrial majors on long term off-take contracts under Public-Private-Partnership, Concession and Utility Services Outsourcing models.
ACWA Power, registered and head-quartered in the Kingdom of Saudi Arabia, is owned by seven Saudi conglomerates, Sanabil Direct Investment Company (owned by the Public Investment Fund of Saudi Arabia), the Saudi Public Pensions Agency and the International Finance Corporation (a member of the World Bank Group).
ACWA Power pursues a mission to reliably deliver electricity and desalinated water at a low cost, thereby contributing to the social and economic development of the communities and countries it invests in and serves.
ACWA Power strives to achieve success by adhering to the values of Safety, People and Performance in operating its business.
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