Saudi Arabia’s “ACWA Power”, which specializes in the development, ownership and operation of power plants and desalination plants, has signed an agreement with China’s “Silk Road Fund” to be a partner and shareholder in ACWA Power Renewable Energy Holding Limited, the ACWA Power renewable energy platform, taking advantage of the potential for rapid growth of renewable energy in emerging markets, and it currently has a number of ongoing renewable energy projects.
ACWA Power said in a statement on Sunday (June 23rd) that the share of the Silk Road Fund from the company under the agreement will be 49%, and the agreement is subject to approvals and permits recognized.
The company will have photovoltaic, photovoltaic and wind power plants across the United Arab Emirates, South Africa, Jordan, Egypt, and Morocco, with a total capacity of 1,668 MW, according to ACWA Power.
Paddy Padmanathan, CEO of ACWA Power, said that the agreement is “a reflection of the strong and strategic relationship between Saudi Arabia and China, which is getting stronger each year, and is a clear testimony to the company’s excellent work and the trustworthy goals it will achieve in cooperation with the Silk Road Fund, which will enhance regional connectivity and welcome a brighter future in the renewable energy sector.”
Rajit Nanda, Chief Investment Officer of ACWA Power, said that collaboration with the Silk Road Fund strengthens its position as a leading developer of power plants and desalination plants, located in one of the countries of the International Cooperation Forum “Belt and Road”.
“This will help the company support both the economic transformation that the “Belt and Road” initiative aims to achieve, as well as the future vision of Saudi Arabia 2030,” Nanda said.
The Silk Road Fund is a medium- to long-term investment and development fund established in Beijing within the framework of the Belt and Road Initiative. The Fund has previously partnered with ACWA Power to invest in two projects in the UAE.
