China’s sovereign wealth fund Silk Road Fund is set to become a 49 per cent shareholder in Saudi utilities developer Acwa Power’s renewable energy entity, Acwa Power Renewable Energy Holding (Acwa Power RenewCo).

Acwa Power RenewCo has been created by Acwa Power holding to own a number of the developer’s major clean energy assets across the Middle East and Africa.

The new entity will own Acwa Power’s concentrated solar power (CSP), photvoltaic (PV) solar and wind assets in the UAE, South Africa, Jordan, Egypt and Morocco.

Silk Road Fund has already invested in Acwa Power’s 2,400MW Hassyan coal independent power project (IPP) and 950MW hybrid CSP and PV solar project in Dubai.

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