Silk Road Fund and Dubai Electricity and Water Authority (DEWA) lately inked an investment agreement on a solar power project in Dubai.
Under the agreement, Silk Road Fund, DEWA and International Company for Water and Power Projects of Saudi Arabia (ACWA Power) will co-finance the solar power project.
Located in Mohammed bin Rashid Al Maktoum Solar Park, the 700MW solar power project is the largest solar power plant in the world and an important component of Dubai Clean Energy Strategy. Silk Road Fund invests in the project as an equity investor and the EPC contractor of the project is Shanghai Electric Generation Group.
Silk Road Fund's investment in the project helps to align the Belt and Road Initiative with the energy development strategy of the UAE, deepen the two countries' cooperation under the framework of Belt and Road Initiative, and facilitate the transforming and upgrading of Chinese electric power companies as well as the expansion of their global presence.
