Saudi Arabia’s ACWA Power Co. is planning to raise $1.9 billion by issuing stock to existing shareholders, capitalizing on a sixfold increase in its share price since a 2021 listing.
ACWA Power, Saudi Arabia’s largest private sector power and water company was established in 2004. The Water and Electricity Company (Badeel), a wholly-owned entity of the Public Investment Fund holds a 49.9% equity stake.
ACWA Power operates in 13 countries throughout the Middle East, Africa and Central and Southeast Asia with a total investment of close to $90 billion and generating over 57 GW of power while producing over 8 million cubic meters of desalinated water daily. It is also pushing strongly into the hydrogen sector and energy transition initiatives.
In a company filing, ACWA stated that the proceeds from this offering will, “anchor its growth strategy of tripling the assets under management by 2030 and enhance its financial position… This Capital Raise will support ACWA Power’s new growth strategy, which is to triple its business by 2030…and allow ACWA Power to continue to invest in the growth of its portfolio while maintaining a strong financial position.”
