RIYADH: Saudi International Co. for Power and Water Projects, known as ACWA Power, saw its share price soar 16 percent to reach SR84.6 ($23) on Jan. 4, 2022, following a stellar debut on the Kingdom’s stock exchange late last year.

The company pulled in strong investor interest in its first quarter — even as it reported a net loss in its first-ever quarterly results.

ACWA Power has so far provided a good bet for investors seeking clean energy projects that align with the Kingdom’s efforts to diversify the economy.

On debut the stock recorded a 30-percent hike after striking Saudi Arabia’s first initial public offering exceeding $1 billion since the oil giant Aramco listed in 2019.

With a $67.2 billion portfolio, ACWA Power was the largest utility company to enter the Saudi bourse after Saudi Electricity Co.

The homegrown company currently owns 66 projects and is a long-term operator of power generation and water desalination projects worldwide.

The company's recent strategy is part of the Kingdom’s transition to renewable energy in line with Vision 2030.

Post-listing, the company reported a SR21.9 million loss in the third quarter of 2021, driven by one-off transactions.

The company, established in 2004, is half-owned by the Saudi sovereign wealth fund, better known as the Public Investment Fund, or PIF.

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