View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
May 11, 2020updated 12 Jun 2020 11:18am

China’s Silk Road Fund acquires 49% stake in ACWA Power RenewCo

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).

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).

Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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

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.”

 

Related Companies

Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology