{"id":599269,"date":"2019-06-24T04:00:35","date_gmt":"2019-06-24T04:00:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/chinas-silk-road-fund-buys-into-egypt-renewable-energy-scene-through-acquisition-of-large-acwa-power-stake\/"},"modified":"2019-06-24T04:00:35","modified_gmt":"2019-06-24T04:00:35","slug":"chinas-silk-road-fund-buys-into-egypt-renewable-energy-scene-through-acquisition-of-large-acwa-power-stake","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/chinas-silk-road-fund-buys-into-egypt-renewable-energy-scene-through-acquisition-of-large-acwa-power-stake\/","title":{"rendered":"China\u2019s Silk Road Fund buys into Egypt renewable energy scene through acquisition of large Acwa Power stake"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a><b> M&A WATCH- China\u2019s Silk Road Fund buys into Egypt renewable energy scene through acquisition of large Acwa Power stake:<\/b> China\u2019s state-owned <a href=\"http:\/\/www.silkroadfund.com.cn\/enweb\/\">Silk Road Fund<\/a>has acquired a 49% stake in Saudi utility developer <a href=\"https:\/\/www.acwapower.com\/en\/\">Acwa Power\u2019s<\/a> renewable energy unit, <a href=\"https:\/\/www.arabianbusiness.com\/energy\/422685-chinas-silk-road-fund-acquires-49-stake-in-acwa-powers-renewable-energy-unit\">Arabian Business reports<\/a>. No details of the investment have been released. The renewable energy platform, Acwa Power RenewCo, will own Acwa Power\u2019s solar power and wind assets in Egypt, the UAE, South Africa, Jordan and Morocco, which have an aggregate generation capacity of nearly 1.7 GW, <a href=\"https:\/\/www.zawya.com\/mena\/en\/press-releases\/story\/Silk_Road_Fund_becomes_a_49_shareholder_in_ACWA_Power_Renewable_Energy_Holding_Ltd-ZAWYA20190623073744\/\">according to a press release<\/a>. Acwa Power and the Chinese government investment fund have previously co-invested in two projects in the UAE.<\/p>\n<p><b>Acwa is an emerging power in Egypt\u2019s renewable energy sector:<\/b> Late last year, Acwa and Hassan Allam <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/04\/acwa-hassan-allam-ink-ppa-for-usd-2-3-bn-power-plant-2\/\">signed a power purchase agreement<\/a>with the Egyptian Electricity Transmission Company for a 2.3 GW, USD 2.3 bn power plant in Luxor, which is expected to operate at full capacity by 2023. <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/14\/acwa-submits-lowest-price-in-egyptian-electricity-transmission-cos-200-mw-kom-ombo-solar-plant-tender\/\">Acwa also recently submitted the best-priced offer<\/a> in the EETC\u2019s tender to build a 200 MW solar power plant in Kom Ombo.<\/p>\n<p><b>Key market: <\/b>Acwa Power\u2019s CEO Paddy Padmanathan has previously stated that <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/15\/acwa-power-ceo-sees-renewable-growth-in-egypt-uae\/\">Egypt is a core market for renewable energy sector growth<\/a> and we noted in March that <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/14\/acwa-power-to-invest-usd-3-bn-in-egypt-this-year\/\">the company plans to invest USD 3 bn<\/a> in Egypt this year, with funds directed to energy projects in Luxor and the Benban solar power complex in Aswan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>M&#038;A WATCH- China\u2019s Silk Road Fund buys into Egypt renewable energy scene through acquisition of large Acwa Power stake: China\u2019s state-owned Silk Road Fundhas acquired a 49% stake in Saudi utility developer Acwa Power\u2019s renewable energy unit, Arabian Business reports. No details of the investment have been released. The renewable energy platform, Acwa Power RenewCo, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":599270,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[1042,116,72,150,219,4088,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-acwa-power","tag-china","tag-enterpriseam","tag-renewable-energy","tag-saudi-arabia","tag-silk-road-fund","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"8601807c-a76f-4a14-becf-231be4879085","is_powered_by":true,"section_story_id":"662f6e94-20ce-4582-82be-0b1d9e6a0728","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/6\/578.jpg","photo_position":"above","related_issue":[599260],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>China\u2019s Silk Road Fund buys into Egypt renewable energy scene through acquisition of large Acwa Power stake - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/chinas-silk-road-fund-buys-into-egypt-renewable-energy-scene-through-acquisition-of-large-acwa-power-stake\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s Silk Road Fund buys into Egypt renewable energy scene through acquisition of large Acwa Power stake\" \/>\n<meta property=\"og:description\" content=\"M&amp;A WATCH- China\u2019s Silk Road Fund buys into Egypt renewable energy scene through acquisition of large Acwa Power stake: China\u2019s state-owned Silk Road Fundhas acquired a 49% stake in Saudi utility developer Acwa Power\u2019s renewable energy unit, Arabian Business reports. No details of the investment have been released. 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