Silk Road Fund to acquire a 49% stake in ACWA Power.

Silk Road Fund, a state owned investment fund of the Chinese government, agreed to acquire a 49% stake in ACWA Power, a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants. Financial terms were not disclosed. "ACWA Power and Silk Road Fund’s further collaboration is a mirror image of the robust and strategic ties between Saudi Arabia and China that is strengthened year after year. The agreement signed today is a testament of the commendable goals we will achieve with Silk Road Fund that will enhance regional connectivity and embrace a brighter future in renewable energy deployment," Paddy Padmanathan, ACWA Power President & CEO.