Power Push

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 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. 

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