The two entities have previously co-invested in two UAE-based projects
ACWA Power, developer, owner, and operator of power generation and water desalination plants recently signed an agreement with Silk Road Fund, introducing it as a partner and shareholder in ACWA Power Renewable Energy Holding.
ACWA Power’s renewable energy platform that currently owns a number of its existing renewable energy projects with a 49% stake in the company. The transaction is subject to regulatory consents.
ACWA Power RenewCo will own ACWA Power’s CSP, PV, and wind assets across the United Arab Emirates, South Africa, Jordan, Egypt and Morocco, yielding an aggregate capacity of 1668 MW.
“ACWA Power and Silk Road Fund’s further collaboration is a mirror image of the robust and strategic ties between Saudi Arabia and China that is strengthened year after year,” remarked Paddy Padmanathan, President and CEO of ACWA Power.
“Our continual achievements with Silk Road Fund set an example of building strategic business ties, and making the best use of the competitive advantages of both companies,” said Rajit Nanda, Chief Investment Officer, ACWA Power.
ACWA Power and Silk Road Fund have previously successfully co-invested in two UAE-based projects, including the 2400MW Hassyan clean coal power plant and the 950MW Hybrid CSP and PV fourth phase of MBR Solar Park to respectively power 1.3 million people and 320,00 residential homes.
