In 2023, Silk Road Fund invested in Sirdarya combined cycle gas-turbine (CCGT) power plant in Uzbekistan. The plant carries installed capacity of 1,500 MW, which provides electricity to nearly 1 million residents and creates around 1,000 local jobs.

Completed with joint efforts of players from China, Saudi Arabia and Uzbekistan under the BRI framework, this plant is a landmark project showcasing SRF’s pursuit of third-party market cooperation. The project is being developed by ACWA Power from Saudi Arabia, invested by Silk Road Fund and financed by syndicated loan from multilateral financial institutions and commercial banks. Uzbekistan’s national grid, as the power purchaser, has signed a long-term Power Purchase Agreement. China Energy Engineering Group serves as the project’s principal contractor.

In 2023, Silk Road Fund partnered with French private investment firm Ardian to co-invest in GreenYellow, a global developer of distributed solar PV and energy efficiency projects.

Founded in 2005 in France, GreenYellow is a renowned provider of green energy solutions with operations across 15 countries spanning Europe, South America, Africa, and Southeast Asia.

This company integrates environmental protection, technology, and entrepreneurship to offer its clients one-stop green energy solutions, including project design, financing, system operation and performance monitoring. It enables access to clean, secure and affordable green energy.

In 2016, Silk Road Fund (SRF) invested in Hassyan Power Plant in the UAE. The power plant, equipped with four ultra-supercritical units, features a total installed capacity of 2,400 MW. Utilizing advanced technologies such as low-carbon combustion, it is the first clean coal power plant in the Middle East. The project achieved commercial operation date (COD) in October 2023.

To support carbon peaking and carbon neutrality goals, and align with the UAE’s “Net Zero 2050” strategy, the plant has transitioned from clean coal to natural gas as its primary fuel since 2022. This shift further reduces carbon emissions, underscoring SRF’s commitment to sustainable development.

Implemented in the EPC+F model (Engineering, Procurement, Construction plus Financing), Hassyan is a key project under the Belt and Road Initiative (BRI). As SRF’s first investment in the Middle East, this project enhanced the international presence of the company.

The African Infrastructure Investment Fund 4 (AIIF4) is a private equity fund focusing on infrastructure investments in Africa. It was founded by African Infrastructure Investment Managers (AIIM), an infrastructure investment platform of the African insurer Old Mutual. It significantly catalyzes and attracts investments in Africa.

AIIF4 primarily targets investments in South Africa, Kenya, Morocco, and Nigeria. AIIF4’s portfolio focuses on essential infrastructure critical to energy transition, and other socially impactful sectors such as digital infrastructure and transportation logistics. AIIF4 strives to improve local livelihoods, foster local employment and enhance women’s status through its investments. In December 2023, Silk Road Fund committed US$50 million to AIIF4 as a limited partner. We appointed a representative to AIIF4’s ESG Committee and introduced relevant provisions of the Green Investment Principle (GIP) for the Belt and Road.

During the Third Belt and Road Forum for International Cooperation held in October 2023, Silk Road Fund (SRF) signed a cooperation framework agreement with the Hong Kong Monetary Authority (HKMA) to establish a Belt and Road investment platform. The two parties committed a total investment of up to RMB 15 billion (or equivalent in foreign currency) to explore ESG-thematic investment opportunities.

Under the platform, both parties established the BNR HK Flagship Impact Fund, with SRF as the general partner. The initial fund size is up to US$1 billion (or equivalent in RMB). Focusing on sectors such as infrastructure, healthcare, consumer goods, agriculture, and education, the fund aims to enhance public infrastructure and benefit people’s well-being, creating positive externalities for social and economic development. Through its investments in renewable energy and related sectors, the fund also promotes global decarbonisation and generates positive environmental impacts. Geographically focusing on Belt and Road countries and regions—particularly Asia and the Middle East—it facilities job creation and local growth in emerging markets.

In October 2023, Silk Road Fund (SRF) closed a deal with a large European energy company by establishing a Pan-Europe Solar Photovoltaic (PV) Platform and investing into a global upstream oil and gas project at the same time. With the carbon emission reduction of the PV project completely offsetting the emission of the upstream oil and gas project, SRF effectively reduces the carbon intensity of its portfolio, by packaging green assets with brown assets. In addition, SRF has incentivized the investee company to improve ESG capacity through an ESG-linked carry sharing mechanism.

The Pan-Europe Solar PV Project develops and operates solar power plants in 12 European countries, reducing more than 200,000 tons of carbon dioxide emission per year. The target company of the upstream oil and gas project is one of the first oil and gas companies in the world to support the Kyoto Protocol and commit to achieving "net-zero emission" by 2050.

ACWA Power Renewable Energy Holding Ltd. (ACWA Power RenewCo) is a renewable energy investment platform jointly established by Silk Road Fund with ACWA Power, a leading developer, owner, and operator of power generation and water desalination plants. ACWA Power RenewCo acts as the main vehicle dedicated to renewable energy development with full support of ACWA Power, and currently owns a number of renewable energy projects in West Asia and Africa, including wind, photovoltaic, solar thermal and other types of green energy.

Supporting both the Green Silk Road Initiative and Saudi Arabia's "Vision 2030", the platform’s investment fuels local economic development and generates social and environmental benefits. The invested projects target local emission benchmarks and are expected to reduce CO2 emissions by about 110 million tons in aggregate during their operation period.

The ACWA Renewable Energy Platform won the 2020 GIP Best Green Finance Transaction Award and the 2020 Asiamoney New Silk Road Finance Awards in Middle East and Africa.