ACWA Power; Saudi Arabia’s energy giant announced the completion of the transaction to introduce Silk Road Fund as a partner; with a 49 percent shareholder in ACWA Power Renewable Energy Holding Ltd (ACWA Power RenewCo).
ACWA Power RenewCo is ACWA Power’s renewable energy platform that currently owns a number of its existing renewable energy projects.
The platform capitalizes on the rapidly growing potential for renewable energy in emerging markets, the company also said.
Power capacity of 1668MW
It currently owns ACWA Power’s concentrated solar power; photovoltaic solar; and wind assets across the UAEs, South Africa, Jordan, Egypt and Morocco. Thus, it yields an aggregate power capacity of 1668 megawatts (MW).
“After announcing the agreement last year; we are very proud of completing the transaction,” said CEO of ACWA Power Paddy Padmanathan.
“Our partnership with the Silk Road Fund is testament to the robust relations between Saudi Arabia and China.”
Padmanathan noted that this collaboration will enhance ACWA Power’s ambitious growth plans in the renewables sector in Middle East, North Africa, Africa, Asia and Central Asia.
Chief Investment Officer at ACWA Power Rajit Nanda said having the Silk Road Fund as a partner is a strategic step in supporting the economic transformation envisioned by the Belt and Road initiative, as well as the Kingdom’s 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,” he also stressed.
This is the third successful collaboration between ACWA Power as well as the Silk Road Fund.
Previously, both companies invested in two UAE based projects. These are the 2400MW Hassyan clean coal power plant and the 950MW Hybrid CSP and PV fourth phase of MBR Solar Park, which will power 320,000 residential homes.