Silk Road Fund Acquires 49% Stake in ACWA Power

Cleary Gottlieb is representing Silk Road Fund Co. Ltd. in its acquisition, through a subsidiary entity, of 49% of the share capital of ACWA Power Renewable Energy Holding Limited (ACWA RenewCo).

ACWA RenewCo is the renewable energy platform of the International Company for Water and Power Projects (ACWA Power), which is organized in Saudi Arabia. Through its subsidiaries, ACWA RenewCo will own a portfolio of wind and solar power plants in Egypt, Jordan, Morocco, South Africa, and the United Arab Emirates, yielding an aggregate capacity of 1,668 MW. The closing of the transaction is subject to customary consents.