ACWA Power, a leading Saudi utility company, has officially launched its first overseas Innovation Center in Shanghai, China, aimed at advancing research in renewable energy, energy storage, and desalination technologies.

The center, established in the Pudong New Area, was developed at an investment of $2.8 million and features both a research and development facility and a green energy laboratory.

The inauguration of the Innovation Center follows ACWA Power's entry into the Chinese market in December, where it secured contracts for over 1 gigawatt of renewable energy projects.

In January, the company further solidified its presence by signing two significant agreements valued at $312 million.

These agreements involve a 132-megawatt solar photovoltaic project in Guangdong province and a 200-megawatt wind energy initiative.

Looking ahead, ACWA Power has set an objective to invest as much as $30 billion in China by 2030. This goal aligns with the company's broader strategy to expand its global assets under management to approximately $250 billion.

During the opening ceremony, ACWA Power entered into two memorandums of understanding with Gulf Renewables Laboratory and Shanghai Jiao Tong University.

The firm noted that these collaborations would enhance the Innovation Center’s access to talent and technical expertise necessary for driving innovative projects within the energy sector.

The center is envisioned as a collaborative environment, seeking to unite government organizations, state-owned enterprises, startups, original equipment manufacturers, educational institutions, research facilities, and certification authorities.

This collaborative approach aims to nurture a robust ecosystem conducive to the development and deployment of innovative sustainable energy and water solutions not only in China but across ACWA Power's global network.

The Innovation Center is also expected to contribute significantly to achieving the environmental objectives of both Saudi Arabia and China, thereby supporting their respective transitions toward greener economies and fostering sustainable development.

Bart Boesmans, Chief Technology Officer at ACWA Power, emphasized the importance of innovation in the company's operational success, stating that the new facility, in tandem with the expertise of their partners, will serve as a catalyst for innovation throughout ACWA Power’s value chain.