ACWA Power Chairman Saleh Al Khabti: $75 Billion China Asset Target by 2030

At the World Economic Forum Annual Meeting of the New Champions (Summer Davos) opening day, Saleh Al Khabti, Chairman of ACWA Power China and former Vice Minister of the Ministry of Investment of Saudi Arabia, said in an exclusive interview with the media that the company aims to reach USD 30–75 billion in asset management scale in the Chinese market by 2030.

He emphasized that China is the “core pillar” of ACWA Power’s global energy strategy and that the company will continue expanding its investment and partnerships in China, especially in renewable energy, desalination, and green hydrogen.

China to Become ACWA Power’s Second Largest Global Market

Al Khabti revealed that ACWA Power’s global asset target by 2030 is USD 250 billion, with China expected to account for about one-third of that.

“China has shown remarkable leadership in solar, wind, pumped hydro storage, and green hydrogen. The country’s rapid growth and mature industrial ecosystem offer enormous opportunities for international energy companies,” he said.

Currently, China has been identified as one of ACWA Power’s core strategic markets. The company plans to leverage its global expertise in energy investment, infrastructure development, and long-term operations to build deeper partnerships with leading Chinese companies and research institutions.

Focus on Renewable Energy and Desalination Technologies

Beyond electricity, ACWA Power also views water resources as a key component of its long-term strategy. Al Khabti noted that as water scarcity intensifies globally, seawater desalination is becoming critical for securing water supply.

As the world’s largest private desalination company, ACWA Power currently has a total desalination capacity of 9.5 million cubic meters per day, expected to exceed 12 million cubic meters per day next year.

“Our goal is to ensure water supply while drastically reducing energy consumption and costs. Over the past 20 years, we’ve successfully reduced energy consumption by 85%. In the future, renewable energy technologies will further boost efficiency and capacity,” Al Khabti said.

He highlighted the integration of solar power with desalination:
“In several projects, we’ve installed solar facilities on rooftops, open land, and even parking lots. This efficient space utilization significantly lowers overall costs and proves that renewable energy can fully support large-scale infrastructure.”

Deepening Cooperation with Chinese Companies

Currently, ACWA Power operates over 100 energy and water projects worldwide, with Chinese companies involved in about half of them, and nearly 90% of core equipment supplied from China.

Al Khabti believes that China’s manufacturing capacity and innovation capabilities are highly complementary to ACWA Power’s global development experience.

He revealed that future cooperation will extend beyond EPC (engineering, procurement, and construction) to include joint R&D, energy data applications, green hydrogen supply chains, energy storage, and operational optimization.

“We’re not just buying equipment,” Al Khabti said. “We want to co-create future energy solutions with our Chinese partners. Especially in emerging applications like AI, large data centers, and cloud computing, stable and clean energy will be essential. This is where we aim to work more deeply with China.”

Shanghai Innovation Center as a Strategic Bridge

In March 2025, ACWA Power inaugurated its first overseas innovation center in Shanghai — the company’s first R&D base outside Saudi Arabia.

According to Al Khabti, the center focuses on renewable energy innovation, desalination process optimization, and green hydrogen R&D, and has already partnered with Shanghai Jiao Tong University and other research institutions.

“China’s strength in scientific research and infrastructure is impressive. We’ve established collaboration frameworks with multiple research institutes in membrane technology, energy management systems, and green hydrogen value chains,” he said.

This platform lays the technological foundation for ACWA Power’s deeper presence in China and provides R&D support for future Saudi–China collaborative projects.

A Personal Connection with China

This is Al Khabti’s second time attending the Summer Davos Forum. Two years ago, he participated as Vice Minister of Investment.

He has visited China many times for work and family travel, building strong personal ties with cities like Tianjin and Shanghai.

“I’m no stranger to Tianjin. It’s a vibrant economic hub. I hope to see more tangible Saudi–China collaborations and investments in cities like this,” he said.

Doubling Down on the China Market

With the global energy transition accelerating, ACWA Power is positioning China as a key partner in scaling green technology worldwide.

Al Khabti stressed that this is not short-term capital investment but a long-term strategy based on technological collaboration, industrial co-development, and capital deployment.

“We believe clean energy and water solutions must be built on cooperation and innovation. China’s strength in manufacturing, R&D, and market adoption makes it indispensable to the global energy transition,” he said.

This strategic plan signals a new phase of Saudi–China cooperation in energy transition, technological innovation, and supply chain collaboration — a force expected to drive global green development.

📰 Editor’s Note:
ACWA Power China is one of Saudi Arabia’s largest renewable energy and water development companies, with operations across multiple countries. It has long-standing partnerships with Chinese companies covering wind, solar, green hydrogen, and desalination.

This expansion plan marks a new milestone in Saudi–China energy cooperation.

Source: Tencent News