Mubasher: ACWA Power introduced the Silk Road Fund as a partner and a 49% shareholder in ACWA Power Renewable Energy Holding Company (ACWA Power RenewCo).
The announcement was made on Sunday after the completion of the relevant transaction, according to a press release by the Riyadh-based company.
ACWA Power RenewCo’s portfolio includes a number of solar and wind energy projects in the UAE, Egypt, Jordan, South Africa, and Morocco, with a total power generation capacity of 1,668 megawatts (MW).
Commenting on the agreement, Paddy Padmanathan, CEO of ACWA Power, said: “After announcing the agreement last year, we are very proud and pleased to have completed the transaction today. 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.”
This is the third collaboration between ACWA Power and the Silk Road Fund, after investing in two projects in the UAE, namely the Hassyan clean coal power plant; and the fourth phase of Mohammed bin Rashid Al Maktoum (MBR) Solar Park.
“Having the Silk Road Fund as a partner is a strategic step for us in supporting the economic transformation envisioned by the Belt and Road initiative as well as Saudi Arabia’s forward-looking Vision 2030. 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,” said Rajit Nanda, Chief Investment Officer at ACWA Power.
