Petro Matad JV Partners with Acwa for Renewable Energy Export Project

03:40 AM EDT, 10/19/2026 (MT Newswires) -- SunSteppe Power, a unit of Petro Matad's (MATD.L) SunSteppe Renewable Energy joint venture, will partner with Saudi water desalination company Acwa (SASE:2082) to potentially export renewable energy from Mongolia into China. The collaboration memorandum of understanding signed by the parties will initially target a capacity of 4.5 gigawatts, supported by 500 megawatt-hours of battery storage, London-listed Petro Matad said in a Monday filing. The partners will leverage Acwa's project development and financing expertise and SunSteppe Power's knowledge of the Mongolian market to access the opportunity.