Silk Road Fund buys 49% of ACWA Power's renewables unit

The fund will have an interest in ACWA Power’s solar and wind assets in the Middle East and South Africa.

China’s Silk Road Fund bought a 49% stake in ACWA Power’s renewable energy unit ACWA Power RenewCo, which currently owns a number of its existing renewable energy projects, for an undisclosed amount, an announcement revealed. The transaction is subject to customary consents.

ACWA Power RenewCo will own ACWA Power’s CSP, PV, and wind assets across the United Arab Emirates, South Africa, Jordan, Egypt and Morocco, yielding an aggregate capacity of 1,668 MW.

Also read: ACWA Power builds world's largest concentrated solar project

ACWA Power and Silk Road Fund have previously co-invested in two UAE-based projects, including the 2,400MW Hassyan clean coal power plant, and the 950MW Hybrid CSP and PV fourth phase of MBR Solar Park to respectively power 1.3 million people and 320,000 residential homes.