Silk Road Fund acquires 49% shares in ACWA Power’s subsidiary
China: Energy developer ACWA Power has signed an agreement with the Chinese government's Silk Road Fund.
China: Energy developer ACWA Power has signed an agreement with the Chinese government’s Silk Road Fund, introducing it as a partner and shareholder in ACWA Power Renewable Energy Holding Ltd (ACWA Power RenewCo), with a 49 % stake in the company.
The subsidiary 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 1,668 MW.
ACWA Power RenewCo acts as a platform that capitalises on the rapidly growing potential for renewable energy in emerging markets.
ACWA Power and Silk Road Fund have previously successfully co-invested in two UAE-based projects, including the 2,400 MW Hassyan clean coal power plant, and the 950 MW Hybrid CSP and PV fourth phase of MBR Solar Park to respectively power 1.3 million people and 320,00 residential homes.
Source: ESI Africa