Silk Road Fund (SRF) and International Company for Water and Power Projects of Saudi Arabia (ACWA Power) recently signed the Sale and Purchase Agreement (the Agreement) in respect of shares in a renewable energy investment platform (Renewable Platform). According to the Agreement, Silk Road Fund acquires a 49% equity stake in the Renewable Platform from ACWA Power.
The Renewable Platform currently owns and operates a number of renewable energy assets, including wind, solar PV and concentrated solar power stations in African and Western.
This project is conducive to deepening international cooperation in the infrastructure and new energy sectors under the Belt and Road Initiative, promoting the development and deployment of clean energy and jointly building a Green Silk Road by the two countries.
ACWA Power is jointly owned by Saudi Arabia sovereign wealth funds and private investors. It is a leading developer of power plants and desalinated water production plants in Saudi Arabia. The plants ACWA Power has invested, developed, owned and operated spread over Western Asia, North Africa, Southern Africa and South East Asia regions.
SRF is a medium-to-long term development and investment fund established under the framework of Belt and Road Initiative. Following a philosophy of openness, inclusiveness and mutual benefit, SRF operates its business based on market principles, international standard and professional excellence.