ACWA Power, a leading 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% 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 capitalises on the rapidly growing potential for renewable energy in emerging markets and currently owns ACWA Power’s concentrated solar power (CSP), photovoltaic solar, and wind assets across the United Arab Emirates, South Africa, Jordan, Egypt and Morocco, yielding an aggregate power capacity of 1668 MW.

To better understand solar thermal power industry  and meet with the key players, you are welcome to join the upcoming brand events like  10th CSP Focus China 2020 (June 18-19, Beijing China)  or 5th CSP Focus MENA 2020（September 9-10，Dubai, UAE）.

“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,” Paddy Padmanathan, Chief Executive Officer of 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,” Rajit Nanda, Chief Investment Officer at ACWA Power added.

This is the third successful collaboration between ACWA Power and the Silk Road Fund. Previous projects included the 2400MW Hassyan clean coal power plant – which is expected to become operational by the beginning of 2023 and produce 2,400MW of energy – and Noor Energy 1, a 950MW CSP-P-PV solar power hybrid project.

Noor Energy 1 is the fourth phase of the Mohammed Bin Rashid Al Maktoum Solar Park and will be the world’s largest single-site concentrated solar park with enough to power 320,000 residential homes.

To get the full participants list and the project detailed introduction you may download: Free report: Dubai 950MW NOOR Energy 1 CSP-PV Project (Feb. 2020)

China’s Belt and Road initiative constitutes a move from the Chinese government to spearhead infrastructure development and investments in key strategic markets, spanning India, east Africa, the Middle East and Europe. The Silk Road Fund, which has US$40 billion of capital to deploy into energy and transport projects, forms an important cornerstone of that initiative, is 65% owned by State Administration of Foreign Exchange, a state agency in charge of activities in foreign exchange markets.

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.

Upcoming CSP events:

10th CSP Focus China 2020 (June 18-19, Beijing China) 

5th CSP Focus MENA 2020（September 9-10，Dubai, UAE）

More CSP news and reports please visit www.cspfocus.cn 

or CSP Focus social media on LinkedIn, Twitter, Facebook.