Deals inked on the sidelines of the Belt and Road Forum held in the Chinese capital
ACWA Power has signed strategic agreements with three Chinese enterprises on the sidelines of the second Belt and Road Forum for International Cooperation (BRF).
The agreements with PowerChina, China Gezhouba Group Company (CGGC) and Bank of China will lay the ground for collaboration in key investments and further involve Chinese expertise in manufacturing power generation and desalinated water production plants that ACWA Power develops and operates.
“The sum of growing collaborations between ACWA Power and Chinese entities only solidifies the relationship of trust and companionship between us and our Chinese partners,” said Paddy Padmanathan, President and CEO ACWA Power.
The first of three agreements was signed with Wang Lujun, Chairman, SEPCO III. This Engineering, Procurement and Construction (EPC) contract grants SEPCO, a subsidiary of PowerChina, to serve as the EPC contractor of Al Taweelah desalination plant located in Abu Dhabi.
ACWA Power entered into an agreement with China Gezhouba Group International Engineering Company (CGGC). Mohammed Abunayyan, Chairman, ACWA Power, signed a Cooperation Agreement with Lyu Zexiang, Chairman, CGGC Intl which outlines that CGGC was announced as the official EPC contractor in 2018 for Nam Dinh 1, a greenfield Independent Power Project (IPP) located in Vietnam.
