China’s Silk Road Fund acquires stake in world's largest thermo-solar project

China’s Silk Road Fund will acquire a 24.01 percent equity interest in the fourth phase of the Mohamed bin Rashid Solar Park in Dubai - the largest thermo-solar power plant in the world, ACWA Power said in a statement on Sunday.

Last year, state-owned Dubai Electricity and Water Authority (DEWA) awarded the 700MW phase of concentrated solar power (CSP) project to a consortium comprising ACWA Power and the Silk Road Fund, in collaboration with China’s Shanghai Electric as the main contractor.

“The introduction of a new investor into the DEWA CSP is absolutely in line with ACWA Power’s established strategy of sharing investments with value adding partners who will in turn bolster our projects," said company CEO Paddy Padmanathan.

Details on the value and when the transaction will be completed were not given.

In March, Riyadh-based ACWA Power said it is investing $750 million in the CSP project, it's single largest investment in any project.

The CSP project supports the Dubai Clean Energy strategy 2050 to increase the share of clean energy in Dubai to 25 percent by 2030, and is expected to provide an annual saving of 2.4 million tons of CO2.

China’s Silk Road Fund is a market-oriented, international and professional medium to long-term development and investment institution which invests in infrastructure, energy resources, industrial capacity and financial cooperation.