US economy slows to 1.6% in Q1 of '24 – BEA    EMX appoints Al-Jarawi as deputy chairman    Mexico's inflation exceeds expectations in 1st half of April    GAFI empowers entrepreneurs, startups in collaboration with African Development Bank    Egyptian exporters advocate for two-year tax exemption    Egyptian Prime Minister follows up on efforts to increase strategic reserves of essential commodities    Italy hits Amazon with a €10m fine over anti-competitive practices    Environment Ministry, Haretna Foundation sign protocol for sustainable development    After 200 days of war, our resolve stands unyielding, akin to might of mountains: Abu Ubaida    World Bank pauses $150m funding for Tanzanian tourism project    China's '40 coal cutback falls short, threatens climate    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Ministers of Health, Education launch 'Partnership for Healthy Cities' initiative in schools    Egyptian President and Spanish PM discuss Middle East tensions, bilateral relations in phone call    Amstone Egypt unveils groundbreaking "Hydra B5" Patrol Boat, bolstering domestic defence production    Climate change risks 70% of global workforce – ILO    Health Ministry, EADP establish cooperation protocol for African initiatives    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egypt starts construction of groundwater drinking water stations in South Sudan    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Silk Road Fund becomes 49% shareholder in ACWA Power
Deal confirms strength of economic relations between Saudi Arabia and China, says Padmanathan
Mohamed Farag Published in Daily News Egypt on 12 - 05 - 2020

The Silk Road Fund has become a partner and 49% shareholder in ACWA Power Renewable Energy Holding Company Limited, according to ACWA Power.
The ACWA Power Limited is an ACWA Power renewable energy platform that currently owns a group of renewable energy projects. It has benefited from a rapid growth in the renewable energy potential of emerging markets, as it currently has concentrated solar and photovoltaic power plants, and wind power plants. These plants are located in the UAE, South Africa, Jordan, Egypt, and Morocco. and hold a total production capacity of 1,668 MW.
Paddy Padmanathan, CEO of ACWA Power, said the agreement signing with the Silk Road Fund confirms the strength of economic relations between Saudi Arabia and China. He added that the cooperation will enhance ACWA Power's ambitious growth plans in the renewable energy sector in the Middle East, Africa, and Asia.
“We consider our partnership with the Silk Road Fund as a strategic step, as it contributes to the economic transformation that we look forward to seeing within the Belt and Road initiative, as well as in the Saudi Vision 2030, “said Rajit Nanda, Investment Director of ACWA Power.
Nanda added, “This partnership confirms the company's commitment to contribute to the green development of the regions in which we operate, especially because we enjoy reliable financial stability that establishes our position as an attractive investment partner with shareholders, locally and globally.”
This is the third successfully sealed partnership between ACWA Power and the Silk Road Fund. The two companies had previously invested in two pioneering projects in the UAE.
These include the Hassyan Energy Production Complex that uses clean coal technology and an independent producer system to output 2400 MW. The two companies have also been involved in the fourth phase of the Mohammed Bin Rashid Solar Energy Complex that has a 950 MW capacity. It adopts a hybrid model combining solar panels and concentrated solar power technologies, to meet the energy needs of 320,000 housing units.

Clic here to read the story from its source.