China’s Silk Road Fund declares completion of 49% stake Acquisition from Saudi’s ACWA Power

By Backend Office, Desk Reporter
    Representational Image

    Leading developer, Owner, and Operator of Power Generation and Water Desalination plants has announced the completion of the transaction to introduce China’s Silk Road Fund as a partner and a 49% shareholder in ACWA Power Renewable Energy Holding Ltd (ACWA Power RenewCo).

    The deal, first declared in June last year, confirms SRF as an associate in ACWA Power RenewCo. As a renewable energy platform of ACWA Power, the ACWA Power RenewCo holds several of its renewable energy projects.

    Its current collection includes ACWA Power’s concentrated solar power, photovoltaic solar, and wind assets with a combined power capacity of 1668MW. These assets are located across the UAE, South Africa, Jordan, Egypt and Morocco.

    “Our partnership with the Silk Road Fund is testament to the robust relations between Saudi Arabia and China. Our collaboration will enhance ACWA Power’s ambitious growth plans in the renewables sector in MENA, Africa, Asia and Central Asia.”
    Paddy Padmanathan, CEO – ACWA Power

    “After announcing the agreement last year, we are very proud and pleased to have completed the transaction today,” Mr. Padmanathan added.

    Silk Road Fund was founded to promote investment in countries along with the Belt and Road initiative.

    Earlier, this Chinese fund co-operated with ACWA Power for two UAE based projects- 2400MW Hassyan clean coal power plant; and the 950MW Hybrid CSP and PV fourth phase of MBR Solar Park.

    ACWA Power chief investment officer Rajit Nanda said: “This partnership reaffirms ACWA Power’s strong commitment to contributing to the green development of the regions with its reliable financial stability, cementing the company’s position as an attractive investment partner to stakeholders, locally and globally.”

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