ACWA Power intends to offer a share of its shares in the Saudi market next year.
The Chairman of the Board of Directors of the company, Muhammad Abu Nayyan, confirmed in an interview with Arabiya Net that the offering will be limited to the Saudi market, indicating that the size of the offering has not yet been determined. / p>
He explained that the total projects implemented by the company and under implementation currently amounted to $ 59 billion, and this is almost the product of work over 75 chapters and 12 countries. The largest volume of projects is still in the Kingdom.
Abunyan said that the Public Investment Fund's announcement of increasing its stake in ACWA Power is part of Vision 2030.
The Public Investment Fund announced an increase in its stake in ACWA Power from 33% to 50%. This investment is part of the fund's strategy to support the development of the renewable energy sector within the Kingdom, support the growth of national companies, in addition to achieving sustainable investment returns.
ACWA Power is expected to play a major role in the Fund's renewable energy program.
It is reported that the Public Investment Fund's relationship with ACWA Power began in 2013 when Sanabel Direct Investment, a wholly owned subsidiary of the fund, invested in ACWA Power.
and the relationship developed further in 2018 when the fund made its first direct investment in the company.
