Saudi Arabia-based energy company ACWA Power plans to invest up to $50 billion in renewable energy projects in China by 2030. The company aims to collaborate with Chinese state-owned enterprises to acquire clean energy assets totaling up to 20 GW and produce one million tons of green hydrogen.

“We have a huge ambition to invest $50 billion in China by 2030, spanning renewable energy projects, green hydrogen, and desalination of water,” Lyu Yunhe, head of ACWA  Power’s China operations, told Bloomberg TV.

The company targets adding 1.3 GW of renewable energy capacity in China by the end of 2024. The target for 2025 is to add between 4 GW and 6 GW and 5 GW annually from 2026.

ACWA Power has existing strategic alliances with Chinese firms, including with China Southern Power Grid International (CSG) for a wind power project in Uzbekistan and with State Power Investment Corporation on energy projects in Saudi Arabia.

The company signed a deal in October this year to establish a research and development center in Shanghai, focusing on photovoltaics, wind power, energy storage, green hydrogen, and seawater desalination.

Additionally, China Energy Engineering Corporation signed a $972 million contract in August to build a 2 GW photovoltaic plant in Saudi Arabia to be built by a joint venture with ACWA, Saudi Aramco Power Company, and Saudi sovereign fund PIF.

In July, ACWA Power sold a 35% stake in two Asian subsidiaries to CSG for $159 million.

Recently, the Saudi Power Procurement Company, a government-owned entity under Saudi Arabia’s Ministry of Energy, floated a tender for 4.5 GW of wind (1.5 GW) and solar (3 GW) projects as part of the sixth round of the NREP. The company has allocated more than 19 GW of renewable energy capacity under the program.

ACWA Power is developing two solar projects with a total capacity of 2,060 MW for which it signed financing agreements with a consortium of investors last year.