Shanghai Electric Forms Major Partnerships with Masdar and Mawarid for Renewable Energy Projects

The strategic partnership spans solar and wind energy, advancing theMiddle East's transition to green energy.

SHANGHAI,April 22, 2025/PRNewswire/ --Shanghai Electric (SEHK:2727, SSE:601727) reached two milestone cooperation agreements in theMiddle Eastin early April, signing a 2-gigawatt photovoltaic project agreement with Abu Dhabi Future Energy ("Masdar") inSaudi Arabiaand a comprehensive wind power cooperation agreement withOman'sMawarid Group. The agreements supportSaudi Arabia'sVision 2030 and Oman Vision 2040 initiatives. They aim to advance theMiddle East'senergy transformation through technology exports, localized manufacturing, and multi-sector collaboration.

The 2-gigawatt Sadawi photovoltaic project, developed in cooperation with Masdar, is Shanghai Electric's largest solar EPC project globally. Spanning 40 square kilometers, it generates more than 6 billion kWh annually, meeting the electricity needs of 700,000 households and cutting carbon emissions by 3 million tons. The project leverages advanced photovoltaic technology to maximizeSaudi Arabia'sabundant sunshine and is a key component of the country's National Renewable Energy Program.

InOman, Shanghai Electric's partnership with Mawarid Group includes wind turbine supply, technology transfer, and localized factory design. The collaboration aims to harnessOman'snatural resources, create a local supply chain, and promote long-term economic growth.

"This is a new starting point for Shanghai Electric and Masdar to carry out comprehensive cooperation and an important milestone for Shanghai Electric to further establish itself in theMiddle East'snew energy market,"saidWu Lei, Chairman of Shanghai Electric Group."I hope both parties will work together to create a benchmark demonstration project and contribute more to the global energy transition."

Masdar CEO Mohamed Jameel Al Ramahicommented,"Masdar attaches great importance to its partnership with Shanghai Electric and looks forward to further deepening cooperation with them in wind power, photovoltaics, energy storage, and other fields in the future to jointly promote the transformation of the global energy structure."

Salim Al Aufi, Omani Minister of Energy and Minerals, praised Shanghai Electric's technological expertise and innovation in wind power. He said the Omani government values its partnership with Shanghai Electric and sees the signing of the wind power project as an opportunity to expand cooperation. Al Aufi expressed the government's eagerness to deepen collaboration in areas such as energy storage, hydrogen energy, and photovoltaics, aiming to jointly drive the transformation ofOman'senergy sector.

Wu Lei said,"The Omani government's forward-looking Vision 2040 and Green Hydrogen Strategy align with Shanghai Electric's strategic development goals. We are eager to use this project as an opportunity to integrate advanced technologies and high-quality products in the new energy sector withOman'sresource strengths and market potential. Through technology licensing and localized supply chain development, we aim to drive the implementation of more high-quality projects, contribute toOman'senergy transformation, and help shape a new chapter inChina-Arab energy cooperation."

The strategic significance and industrial value of the agreements are substantial. The wind power project inOmanis expected to advance the country's transition from traditional energy sources to diversified clean energy, including wind and hydrogen, while also deepeningChina-Arab technical cooperation. Meanwhile, the photovoltaic project inSaudi Arabiadirectly supports the kingdom's efforts to reduce its reliance on fossil fuels, contribute to economic diversification, and establish a foundation for Shanghai Electric's broader expansion in theMiddle East'ssolar energy market.

The dual collaboration in theMiddle Eastshowcases Shanghai Electric's technology-driven, localized approach, reinforcing its status as a global leader in renewable energy through its expertise and innovation in wind and solar power.

For more information, please visithttps://www.shanghai-electric.com/group_en/.

SOURCE Shanghai Electric