China’s Silk Road Fund has completed the purchase of a 49% stake in the renewable energy platform of Saudi Arabia’s ACWA Power, the latter announced on Sunday.

With this transaction, the Beijing-based development and investment fund becomes a partner in ACWA Power Renewable Energy Holding Ltd, also known as ACWA Power RenewCo. The company holds 1,668 MW of concentrated solar power (CSP), solar photovoltaic (PV) and wind assets in the United Arab Emirates, South Africa, Jordan, Egypt and Morocco.

“Our collaboration will enhance ACWA Power’s ambitious growth plans in the renewables sector in MENA, Africa, Asia and Central Asia,” said ACWA Power’s CEO Paddy Padmanathan.

This is the third deal between ACWA Power and the Silk Road Fund. The companies have already partnered up in two flagship UAE projects, among which is the 950-MW fourth phase of the Mohammed Bin Rashid Al Maktoum Solar Park in Dubai, which incorporates both CSP and PV technologies.