ACWA Power, Silk Road Fund complete partnership

ACWA Power RenewCo, ACWA Power’s renewable energy platform, currently owns a number of its existing renewable energy projects, across the UAE, South Africa, Jordan, Egypt and Morocco.
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Updated 11 May 2020

ACWA Power, Silk Road Fund complete partnership

ACWA Power, a developer, owner, and operator of power generation and water desalination plants, recently announced the completion of the transaction to introduce Silk Road Fund as a partner and a 49 percent shareholder in ACWA Power Renewable Energy Holding Ltd. (ACWA Power RenewCo).
ACWA Power RenewCo is ACWA Power’s renewable energy platform that currently owns a number of its existing renewable energy projects. The platform capitalizes on the rapidly growing potential for renewable energy in emerging markets and currently owns ACWA Power’s concentrated solar power, photovoltaic solar, and wind assets across the UAE, South Africa, Jordan, Egypt and Morocco, yielding an aggregate power capacity of 1668 MW.
Paddy Padmanathan, president and CEO of ACWA Power, 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.”
Rajit Nanda, chief investment officer at ACWA Power, 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.”

FASTFACT

This is the third successful collaboration between ACWA Power and the Silk Road Fund. Previously, both companies invested in two flagship UAE-based projects.

This is the third successful collaboration between ACWA Power and the Silk Road Fund. Previously, both companies invested in two flagship UAE-based projects: 2,400 MW Hassyan clean coal power plant; and the 950 MW Hybrid CSP and PV fourth phase of MBR Solar Park, which will power 320,000 residential homes.
ACWA Power is currently present in 12 countries in the Middle East, Africa, Central Asia and South East Asia. Its portfolio includes 59 assets with an investment value of $48 billion, producing 34 GW of power and 5.9 million m3/day of desalinated water delivered on a bulk basis to address the needs of state utilities on long-term, off-taker contracts under public-private-partnership model.
Established in 2004 in Riyadh, the company is co-owned by nine Saudi conglomerates, including Vision International Investment Company, Public Investment Fund (PIF), Saudi Public Pensions Agency and the International Finance Corporation (a member of the World Bank Group).
ACWA Power’s mission is to reliably deliver electricity and desalinated water at a low cost, thereby contributing effectively to the sustainable, social and economic development of communities and countries.

 


Ascott prepares for growth in post-COVID-19 era

Updated 01 June 2020

Ascott prepares for growth in post-COVID-19 era

CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), will review the design of its lodging products and services to ensure they are future-ready for continued growth in a post COVID-19 landscape.

Leveraging the existing design strengths of Ascott’s serviced residences, it aims to redefine the guest experience to take advantage of emerging trends such as the increased popularity of working from home, deeper health and safety concerns, and a rapidly digitizing world.

Kevin Goh, chief executive, lodging, CapitaLand Group and chief executive, Ascott, said: “Ascott’s serviced residences have remained resilient amid COVID-19. We continue to be the accommodation of choice by providing a safe haven for our guests who have placed their trust in Ascott. To cement Ascott’s position as a dominant lodging player and deliver more value for our guests and business partners, we are taking steps to ready Ascott for a post COVID-19 landscape. Ascott is reviewing every touchpoint within the living and workspaces of our apartments to tap on the work-from-home trend. We are also improving our digital solutions and looking at leveraging smarter technologies to provide value and safety to our guests.”

As global and domestic travel restrictions ease, the group has launched “Ascott Cares” across its properties, to reassure guests and staff of the stringent cleanliness and hygiene measures in place, as the global properties begin to welcome new and returning guests home. These measures will also be effective across Ascott’s properties within the Middle East and Turkey: Ascott Park Place Dubai, Citadines Metro Central Dubai, Ascott Tahlia Jeddah, Ascott Sari Jeddah, Citadines Al-Salamah Jeddah, Spectrums Residence Jeddah, Ascott Rafal Olaya Riyadh, Ascott Corniche Al-Khobar, Somerset Panorama Muscat, Somerset Al-Fateh Bahrain, Somerset Maslak Istanbul, and Somerset West Bay Doha.

Vincent Miccolis, Ascott’s regional GM for Middle East, Africa, Turkey and India, said: “We have implemented enhanced sanitization measures across our regional properties in the Middle East and Turkey. These include daily temperature checks, and governmental directives on leisure and health facilities. In addition, the obligatory regulations of face masks, gloves, and hand sanitizers are in place, while sterilizing efforts have been ramped up across apartments, lobbies and public utilities. Ascott has always been a trusted brand and we look forward to the same momentum, assuring our long and short stay guests of a care-free and safe haven when they come home to Ascott.”

To tap in to the work-from-home trend, Ascott is looking at upgrading its design to create a more productive workspace within the serviced apartment. Improvements to the overall ergonomics of the workspace may include better task lighting, better use of space and appropriate wall features suited for videoconferencing or webcasting.

Digital solutions and technologies may also be further deployed to provide convenience, value and safety to guests. The use of sensors at Ascott properties can offer better safety through thermal scanning or to track footfall and crowds to facilitate better safe distancing measures, as well as smarter room energy and water management.

Ascott will also increase the adoption of mobile technology, including the launch of a new mobile app later this year. A one-stop service, the app will offer guests contactless services such as contactless entry to their apartments, payments, check-in and check-out. It can also provide seamless in-room service and smart controls, management of Ascott Star Rewards loyalty points or redemption of special flash deals.