Silk Road Fund of China has acquired a 49% stake in Acwa Power RenewCo, a branch of Acwa Power International specializing in renewable energy.
The deal remains subject to approval by both parties in Saudi Arabia and China. ACWA Power RenewCo invests in renewable energies (solar photovoltaic, wind, solar thermal) in emerging markets. It owns several assets, notably in Morocco, the United Arab Emirates, South Africa, Jordan and Egypt with a total capacity of 1,668 MW.
The Silk Road Fund is a Chinese sovereign fund, created on December 29, 2014. It is intended to finance the initiatives of New Silk Road launched by the Asian giant. In 2014, Beijing promised $ 40 billion for the fund.