ACWA Power inks accord with China-based Silk Road Fund Co.

ACWA Power announced on Wednesday the signing of a memorandum of understanding (MoU) with China-based Silk Road Fund Co. Ltd. to explore joint investment and power project development opportunities in the UAE, Egypt and across the region.
The framework agreement was signed at a ceremony in Riyadh.
“This MoU is a milestone, providing us with a framework from which we can work to develop a partnership that will look into potential power generation opportunities across the region,” Mohammad Abunayyan, ACWA Power chairman, said.
He added: “We are delighted to have partnered with a company that shares our core values: Chiefly, a vision for more efficient power generation, utilizing a broader mix of fuel resources, all while providing cutting edge technologies at a cost competitive approach.”
Under the MoU, the two partners will jointly use their best efforts to cooperate on projects such as the Hassyan Clean Coal Power Plant project in the UAE (initially 1,200 MW), as well as the Dairut Combined Cycle Power Project in Egypt (2,250MW) on IPP mode.
“The MENA region is one of the fastest-growing in the world, so we see it as vitally important to support its sustainable economic development by increasing and improving its access to energy,” said Wang Yanzhi, Silk Road Fund president.