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Saudi Arabia’s utility company ACWA Power has formally applied to the Gulf Kingdom’s stock market authority for an increase in its capital to meet its investment targets.
In a statement on Thursday, the Tadawul (market) authority said ACWA Power has applied for an increase of 7.125 billion riyals ($1.9 billion) in its paid-up capital through selling shares to its existing shareholders at discount prices.
“ACWA Power announces the submission of an application to increase the Company's capital by offering the rights issue to the Capital Market Authority,” it said.
ACWA Power has earlier said it expects a substantial rise in its average annual investment commitment between 2024 and 2030, with estimates ranging between $2 billion and $2.5 billion a year, up from the previous range of $1 billion to $1.3 billion.
In April, the firm entered into a partnership with the International Renewable Energy Agency to accelerate the global adoption of clean energy sources. The collaboration aims to advance renewable energy infrastructure investment, green hydrogen technologies, solar resources, smart grids, and the nexus between energy and water.
The Tadawul-listed company has announced a 52% rise in its net profits to about 630.6 million rails ($168 million) in the first half of 2024 over the same period of 2023.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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