June 24 (Renewables Now) - China’s Silk Road Fund has agreed to purchase a 49% stake in Acwa Power’s renewable energy platform that will own 1,668 MW of its parent’s wind and solar assets in Asia and Africa.
Acwa Power on Sunday introduced the Beijing-based development and investment fund as a new investor and partner in Acwa Power Renewable Energy Holding Ltd, also known as ACWA Power RenewCo -- a company that operates renewables in emerging markets. It said the platform will own its 1,668 MW of concentrated solar power (CSP), solar photovoltaic (PV) and wind assets in the UAE, South Africa, Jordan, Egypt and Morocco.
“With Silk Road Fund set to become a shareholder in Acwa Power RenewCo, new doors of collaboration and projects are opening up,” said Acwa Power’s chief investment officer Rajit Nanda.
The deal with Silk Road Fund is pending customary consents. The Chinese firm and Acwa Power are already partnering in several UAE projects, among which is the 950-MW Noor Energy 1 solar project in Dubai, which incorporates both CSP and PV technologies.