ACWA Power, a developer, owner and operator of power generation and water desalination plants, signed an agreement with Silk Road Fund, introducing it as a partner and shareholder in ACWA Power Renewable Energy Holding Ltd. (ACWA Power RenewCo) — ACWA Power’s renewable energy platform that currently owns a number of its existing renewable energy projects — with a 49 percent stake in the company.
ACWA Power RenewCo will own ACWA Power’s CSP, PV, and wind assets across the UAE, South Africa, Jordan, Egypt and Morocco, yielding an aggregate capacity of 1668 MW.
Paddy Padmanathan, president and CEO of ACWA Power, said: “ACWA Power and Silk Road Fund’s further collaboration is a mirror image of the robust and strategic ties between Saudi Arabia and China that is strengthened year after year. The agreement signed today is a testament of the commendable goals we will achieve with Silk Road Fund that will enhance regional connectivity and embrace a brighter future in renewable energy deployment.”
Rajit Nanda, chief investment officer at ACWA Power, said: “As a leading developer of power and water assets in the region, and being based in a Belt and Road country, welcoming Silk Road Fund on board as a shareholder further cements our position of being able to support both the economic transformation envisioned by the Belt and Road initiative as well as Saudi Arabia’s forward-looking Vision 2030. Our continual achievements with Silk Road Fund set an example of building strategic business ties, and making the best use of the competitive advantages of both companies.”
