Saudi Arabia-based power plant developer ACWA Power has stated that it is planning to proceed with its initial public offering (IPO) and will list 11.1 percent of its shares on the Tadawul stock exchange.
The Capital Market Authority on June 30 authorized the company’s proposal to list 81,199,299 new ordinary shares on the stock exchange.
The IPO will be one of the largest in the region’s energy industry after Saudi Aramco, the kingdom’s oil company. ACWA Power said in a statement, “The final price at which all subscribers in the offering will purchase shares will be determined at the end of the book-building period.”
ACWA Power operates in 13 countries across the Middle East, Africa, and Southeast Asia. It manages a portfolio of 64 properties worth $66 billion, generating 42 gigawatts of power and 6.4 million cubic meters of desalinated water per day.
Mohammad Abunayyan Chairman ACWA Power
“In this increasingly power-deficient and fresh-water constrained world, we are proud to positively impact millions of lives every day by delivering essential power and water. Since ACWA Power’s inception 17 years ago in Saudi Arabia, our mission has been to provide these life-sustaining utilities reliably and responsibly, at a low cost. Over the past decade, our business model has gone from strength to strength, and today ACWA Power emerges as not only a power generation and desalination champion at home in the Kingdom but also as a company enabling and driving the worldwide transition to a greener, cleaner future.”
Mr. Paddy Padmanathan, chief executive officer at ACWA Power said, “A historic shift towards renewable energy sources is underway. We at ACWA Power are honored to be at the forefront of this transition, championing a decarbonized and more sustainable future to support economic growth and social prosperity.”
“For nearly two decades, we have worked to develop our robust business model, which is underpinned by long-term contracts and diversified assets across geographies and technologies. Combined with robust strategic partnerships, we are now well-positioned to capture significant opportunities in Saudi Arabia as well as in attractive markets globally, including utility-scale green hydrogen,” Mr. Padmanathan added.
