China’s Silk Road Fund buys 49% stake in Saudi renewable business

The new entity will own concentrated solar power, photvoltaic solar and wind assets in the UAE, South Africa, Jordan, Egypt and Morocco.

China’s sovereign wealth fund Silk Road Fund is set to become a 49 per cent shareholder in Saudi utility developer Acwa Power’s renewable energy entity, Acwa Power Renewable Energy Holding (Acwa Power RenewCo).

Silk Road Fund

Acwa Power RenewCo has been created by Acwa Power holding to own a number of the developer’s major clean energy assets across the Middle East and Africa.

The new entity will own Acwa Power’s concentrated solar power (CSP), photvoltaic (PV) solar and wind assets in the UAE, South Africa, Jordan, Egypt and Morocco.

Silk Road Fund has already invested in Acwa Power’s 2,400MW Hassyan coal independent power project (IPP) and 950MW hybrid CSP and PV solar project in Dubai.

MEED
This article is sourced from Renewable Technology sister publication www.meed.com, a leading source of high-value business intelligence and economic analysis about the Middle East and North Africa. To access more MEED content register for the 30-day Free Guest User Programme. 

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