PIF-backed Acwa Power eyes share sale
The Saudi energy firm is planning to raise $1.9 billion from existing shareholders
Saudi Arabia's Tadawul stock exchange. (Getty Images)
Saudi Arabia’s energy firm Acwa Power is planning to raise 7.1 billion riyals ($1.9 billion) by issuing stock to existing shareholders days after Saudi Aramco landed $11.2 billion in its own share sale.
Acwa Power, which is 44% owned by the Saudi Public Investment Fund, is one of the leading firms in Saudi Arabia’s decarbonization and diversification strategies.
The company is planning to double annual investments to $2.5 billion in an international push into renewables and hydrogen, as well as projects in the kingdom, Bloomberg reports.
Acwa’s shares have increased about 570% since listing on the Saudi Tadawul Exchange in October 2021.