Saudi-based Acwa Power, by far the region’s largest private sector power developer, and China’s state-owned Silk Road Fund recently closed a transaction giving the Chinese bank a 49% stake in Acwa’s RenewCo subsidiary. ‘Acwa Power RenewCo’, henceforth a JV, operates almost all of Acwa’s renewables assets, namely in the UAE, Morocco, Egypt, Jordan and South Africa.
Total operating assets of 1.24GW are 90% solar, split evenly between Solar PV and concentrated solar power (CSP). RenewCo has a further 1.25GW of capacity under development which is set to double the total to 2.49GW (1.53GW net) by 2022 (see table). On closing the Silk Road deal on 10 May Acwa said RenewCo would “oversee” gross capacity of 1.668GW. It is unclear what accounts for the discrepancy. (CONTINUED - 740 WORDS)