Silk Road Fund takes up 49% shareholding in ACWA Power Renewable Energy Holding
Posted on: 14 May, 2020 at 5:23 PM
China’s Silk Road Fund has become a 49% shareholder in ACWA Power Renewable Energy Holding, a renewable energy company with assets across the United Arab Emirates, South Africa, Jordan, Egypt and Morocco.
“After announcing the agreement last year, we are very proud and pleased to have completed the transaction,” said Paddy Padmanathan, chief executive officer of ACWA Power. “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.”
“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,” commented Rajit Nanda, chief investment officer at ACWA Power.
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