Chinese state investment fund Silk Road Fund has completed a transaction to take a 49% stake in ACWA Power Renewable Energy Holding.
The holding company is ACWA Power’s renewable energy platform that currently owns clean power projects in the United Arab Emirates, South Africa, Jordan, Egypt and Morocco, with total capacity of 1668MW.
ACWA Power chief executive Paddy Padmanathan 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.”
ACWA Power chief investment officer Rajit Nanda 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.”
ACWA Power is a Saudi Arabian company that develops, owns and operate power generation and water desalination plants.