ACWA Power, a prominent player in the global energy transition sector, has finalized a partnership with Shanghai Waigaoqiao Group's New Development Company to establish a global innovation center in Shanghai, specifically in Pudong’s Waigaoqiao New Exhibition City. This center will focus on various areas including photovoltaics, wind power, energy storage, green hydrogen, and seawater desalination. ACWA Power's aim is to create a green energy innovation ecosystem through platforms dedicated to research, development, testing, and industrialization. The collaboration signifies ACWA Power's dedication to the Chinese market and facilitates the entry of Chinese renewable energy companies into Saudi Arabia's market. The agreement, which surpasses $37 billion in scale, also aligns with the deep integration of China’s Belt and Road Initiative with Saudi Arabia’s Vision 2030. ACWA Power, headquartered in Riyadh, Saudi Arabia, is known for its contribution to decarbonized and sustainable energy projects, including power and seawater desalination. By implementing its China Investment Development 2.0 strategy, ACWA Power plans to intensify investments in China, leveraging its expertise in global asset operation, technology integration, and supply chain to advance renewable energy, seawater desalination, and green hydrogen. The objective is to accelerate the industrialization of sustainable energy solutions while fostering a green ecosystem. ACWA Power's strategy also involves close collaboration with various sectors in China to lead the global energy transition, support dual carbon goals, and drive long-term economic growth and social prosperity. The partnership aims to promote the emergence of new productive forces in the green energy sector in Shanghai Pudong and beyond, emphasizing innovation, sustainability, and investment in renewable energy sources.