China’s Silk Road Fund acquires 49% of ACWA Power’s renewable energy platform

China’s Silk Road Fund has acquired 49 percent stake in ACWA Power’s renewable energy platform that currently owns a number of existing projects.

The transaction is subject to customary consents, the Saudi-based utilities provider said in a statement.

ACWA Power Renewable Energy Holding Ltd (ACWA Power RenewCo) will own the company’s concentrated solar power (CSP), photovoltaic (PV), and wind assets across the UAE, South Africa, Jordan, Egypt and Morocco, yielding an aggregate capacity of 1,668 megawatts (MW).

“It is our pleasure to welcome Silk Road Fund as a shareholder in RenewCo to jointly bring in the finest expertise and promising investment to our portfolio of projects; and together, help progress the world to a cleaner, greener, and more sustainable home,” Paddy Padmanathan, President and CEO of ACWA Power, said.

ACWA Power and Silk Road Fund have previously successfully co-invested in two UAE-based projects, including the 2400 MW Hassyan clean coal power plant, and the 950 MW Hybrid CSP and PV fourth phase of MBR Solar Park to respectively power 1.3 million people and 320,00 residential homes.