Saudi private energy developer Acwa Power announced on 23 June that the Chinese government’s Silk Road Fund has taken a 49% stake in the company’s Acwa Power RenewCo subsidiary for an undisclosed sum. Acwa Power RenewCo was established to own a number of Acwa’s renewables projects, including solar and wind plants in the UAE, South Africa, Jordan, Egypt and Morocco with a combined generating capacity of 1.67GW.
Acwa’s chief investment officer Rajit Nanda says “Acwa Power and Silk Road Fund have previously successfully co-invested in two UAE-based projects, the 2.4GW Hassyan clean coal power plant and the 950MW hybrid CSP (concentrated solar power) and PV (photovoltaic) fourth phase of MBR Solar Park.” The Chinese equity opens “new doors of collaboration and projects.” (CONTINUED - 184 WORDS)