China’s Silk Road Fund has purchased a 49% stake in ACWA Power Renewable Energy (ACWA Power RenewCo), the Saudi Arabian group announced June 23.

ACWA Power is a leading solar and wind developer in the Middle East and North Africa (MENA) and the dominant developer of CSP plants in the region.

ACWA Power RenewCo owns 1.7 GW of PV, Concentrated Solar Power and wind energy assets across the United Arab Emirates (UAE), South Africa, Jordan, Egypt and Morocco, the company said.

ACWA Power had already signed several strategic renewable energy agreements with Chinese groups and the Silk Road Fund is a major shareholder in ACWA Power’s $4.4 billion Noor Energy 1 Concentrated Solar Power – PV project in Dubai, UAE.

ACWA Power signed a record-low power purchase price of $73/MWh for the project with the Dubai electricity and water authority (DEWA), which will own half of the project equity.

      CSP levelized cost, auction price trends

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Source: International Renewable Energy Agency (Irena), January 2018.

Currently under construction, the 950 MW Noor Energy 1 project will include three 200 MW parabolic trough Concentrated Solar Power systems, a 100 MW CSP tower plant, 250 MW of PV capacity and 15 hours of molten salt Concentrated Solar Power storage capacity. Shanghai Electric is the contracted Engineering, Procurement and Construction (EPC) supplier.

ACWA Power has also been a key player in Morocco, where it has developed three CSP projects for a total capacity of 510 MW and three PV plants for a capacity of 177 MW.