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ACWA Power signed an MoU with Silk Road Fund Co. Ltd. at a ceremony in Riyadh on 19 January to explore joint investment and power project development prospects in the MENA region
As per the agreement, the two are expected to cooperate on important projects for the region. ACWA agreed to pursue the implementation and development of the schemes while Silk Road Fund will make the equity investments and provide the required debt financing.
ACWA Power chairman Mohammad Abunayyan noted, “This MoU is a milestone, providing us with a framework from which we can work to develop a partnership that will look into potential power generation opportunities across the region. And in this respect, we are delighted to have partnered with a company that shares our core values: chiefly, a vision for more efficient power generation, utilising a broader mix of fuel resources, all whilst providing cutting-edge technologies with a cost competitive approach.”
Silk Road Fund president Wang Yanzhi agreed, adding, “The power sector in the Middle East and North Africa is one of the fastest-growing in the world, so we see it as vitally important to support its sustainable economic development by increasing and improving its access to energy. To that end, we’re honoured to be partnering with a company like ACWA Power, which offers proven experience in delivering large-scale power plant projects using cutting-edge technologies, whilst maintaining impressive cost-competitiveness. We believe that this partnership can continue to grow, increasing the future participation of Chinese companies in the region.”