China’s state-owned Silk Road Fund (SRF) has acquired a 49% stake in Saudi Arabia’s ACWA Power Renewable Energy Holding (ACWA Power RenewCo).

The deal, first announced in June last year, establishes SRF as a partner in ACWA Power RenewCo.

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As a renewable energy platform of ACWA Power, the ACWA Power RenewCo owns several of its renewable energy projects.

Its current portfolio includes ACWA Power’s concentrated solar power, photovoltaic solar, and wind assets with a combined power capacity of 1668MW. These assets are located across the UAE, South Africa, Jordan, Egypt and Morocco.

ACWA Power CEO 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.”

Silk Road Fund was established to facilitate investment in countries along the Belt and Road initiative.

Earlier, this Chinese fund collaborated with ACWA Power for two UAE based projects- 2400MW Hassyan clean coal power plant; and the 950MW Hybrid CSP and PV fourth phase of MBR Solar Park.

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.”