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ACWA Power Completes Sale of 49% Share to Silk Road Fund

Saudi energy company ACWA Power has completed the sale of a 49% share in ACWA Power RenewCo to Chinese investment fund Silk Road Fund.

 

ACWA Power RenewCo is ACWA Power’s renewable energy platform, which owns ACWA Power’s solar photovoltaic (PV) and wind assets across the MENA region – including UAE, Jordan and Egypt – and South Africa for a total of 1668MW.

 

The deal, which was initially announced last June, is the third collaboration between Silk Road Fund and the Saudi company.

 

Previous projects included the 2400MW Hassyan clean coal power plant – which is expected to become operational by the beginning of 2023 and produce 2,400MW of energy – and Noor Energy 1, a 950MW hybrid project.

 

Noor Energy 1 is the fourth phase of the Mohammed Bin Rashid Al Maktoum Solar Park and will be the world’s largest single-site concentrated solar park with enough to power 320,000 residential homes.

 

ACWA Power CEO Paddy Padmanathan said: “After announcing the agreement last year, we are very proud and pleased to have completed the transaction today. Our partnership with the Silk Road Fund is testament to the robust relations between Saudi Arabia and China.

 

“Our collaboration will enhance ACWA Power’s ambitious growth plans in the renewables sector in MENA, Africa, Asia and Central Asia.”

 

ACWA Power CIO Rajit Nanda said: “Having the Silk Road Fund as a partner is a strategic step for us in supporting the economic transformation envisioned by the Belt and Road initiative as well as Saudi Arabia’s forward-looking 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.”

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