Chinese industrial manufacturers are increasing supply agreements for freshwater infrastructure and desalination systems in the Gulf, primarily in the UAE and Saudi Arabia. Gulf utilities including ACWA Power plan to allocate at least $15 billion annually over three years to Chinese suppliers.
Petro Matad shares rose over 14 percent following an MoU signed between subsidiary SunSteppe Power and Saudi utility company ACWA Power. The partnership plans to build a 4.5-gigawatt renewable complex in Mongolia with 500 megawatt-hours of battery storage. The facility aims to export clean electricity directly across the border into China.
Saudi utility developer ACWA Power has signed a cooperation memorandum with Mongolia's Sun Step Power to assess a renewable energy venture targeting power exports to China. The initiative outlines a target generation capacity of 4.5GW alongside a 500MWh battery storage system. The agreement includes evaluating the development of wind, solar, and cross-border electricity transmission infrastructure.
A joint venture between China's Sinohydro and Egypt's Elsewedy Electric has secured a $2.2 billion EPC contract for a 2.3-gigawatt gas-fired power plant in Saudi Arabia. The Rabigh 2 IPP expansion facility is backed by ACWA Power and Saudi Energy, with commercial operations planned for May 2029. Financing includes $2.58 billion in long-term debt backed by 14 lenders, including the Industrial and Commercial Bank of China.
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