PIF-backed ACWA Power nears $1bn IPO announcement: Bloomberg

PIF-backed ACWA Power nears $1bn IPO announcement: Bloomberg
The utility company is behind the Saudi government’s major renewable energy plans. (Supplied))
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Updated 01 September 2021
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PIF-backed ACWA Power nears $1bn IPO announcement: Bloomberg

PIF-backed ACWA Power nears $1bn IPO announcement: Bloomberg
  • The listing could value the company at $10 billion or more

DUBAI: Saudi Arabia’s ACWA Power International is close to announcing its initial public offering, where it seeks to raise more than $1 billion.

The announcement could be made “as soon as this week,” unnamed sources told Bloomberg, and the listing could value the company at $10 billion or more.

ACWA Power declined to comment.

The utility company, which is backed by the Public Investment Fund, is behind the Saudi government’s major renewable energy plans, with major projects in solar and green hydrogen.

It is involved in the construction of a $5 billion green hydrogen plant in NEOM, and a major renewable power project for the Red Sea Development Company.