China-Arab States Summit: Sungrow and ACWA Power Signed Cooperation Agreements to Contribute to the Belt and Road Initiative and Saudi Vision 2030

RIYADH, Saudi Arabia, Dec. 13, 2022 /PRNewswire/ -- Recently, the first China-Arab States Summit was held in Riyadh, Saudi Arabia. Chinese President Xi Jinping was invited to attend and pay a state visit to Saudi Arabia. During the summit, the Chinese delegation signed 34 agreements with Saudi Arabia and Saudi organizations related to energy, security, investment, and other sectors.

Witnessed by His Excellency Khalid A. Al-Falih, Minister of Investment of Saudi Arabia, and Mohammad Abunayyan, Chairman of the Board of Directors of ACWA Power, Sungrow, the global leading inverter and energy storage system solution supplier, and ACWA Power, leading Saudi developer, investor and operator of power generation, water desalination and green hydrogen projects worldwide, signed a strategic cooperation agreement to promote close cooperation between China and Saudi Arabia in the renewable energy industry and contribute to the Belt and Road initiative, as well as Saudi Vision 2030.

During the summit, Sungrow and ACWA Power also signed a memorandum of understanding (MoU) to provide a 536MW/600MWh energy storage system for NEOM, further deepening strategic cooperation between the two parties.

NEOM, a smart city, is one vital element of Saudi Arabia's move from its dependence on oil to a greener future, aiming to achieve exceptional livability, thriving businesses and reinventing conservation, in line with Saudi Vision 2030. Sungrow provides cutting-edge energy storage system (ESS) solutions for this project, which makes the project more profitable and enables a more efficient project delivery, safer operation, and more hassle-free operation and maintenance, contributing to building a "next generation of Saudi cities".

Headquartered in Saudi Arabia, ACWA Power's business spans 13 countries around the world, and it has maintained a long-term robust partnership with Sungrow. The new cooperation between both sides is not only based on policy promotion, but also a high recognition of Sungrow's competitiveness in the field of solar and storage.

The Middle East is one of the most potential solar and energy storage hubs, and also one of Sungrow's essential strategic markets. With several years of continued commitment, the Company has established a dedicated local team offering professional sales, technical support, and after-sales services. In addition, Sungrow supplied a multitude of landmark projects including a 1.6 GW Sudair PV project in Saudi Arabic, an 800MW PV project in Qatar, a 900MW PV project in Dubai, a 1.5GW PV project in Abu Dhabi, as well as a large number of solar-plus-storage projects. As a Company that ranks first in the market share of the local solar market, Sungrow continues offering industry-leading products and services to facilitate carbon neutrality throughout the region.

About Sungrow

Sungrow Power Supply Co., Ltd. ("Sungrow") is the world's most bankable inverter brand with over 269 GW installed worldwide as of June 2022. Founded in 1997 by Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial & industrial, and residential applications, as well as internationally recognized floating PV plant solutions, NEV driving solutions, EV charging solutions and renewable hydrogen production systems. With a strong 25-year track record in the PV space, Sungrow products power over 150 countries worldwide. Learn more about Sungrow by visiting www.sungrowpower.com.

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