PHOTO
Saudi Arabia's ACWA Power International, which is backed by wealth fund PIF is close to announcing an IPO to raise more than $1 billion, according to Bloomberg.
ACWA Power leads a consortium that will build and operate renewable power-based utilities at Saudi Arabia's flagship Red Sea Development Co. It is developing a $5 billion plant that will export green hydrogen from the new city of Neom.
In June, the kingdom's regulator approved an IPO for a 11 percent stake in ACWA Power.
A Riyadh listing may value the utility at $10 billion or more, and an announcement may be made as soon as this week, Bloomberg reported. However, ACWA Power has declined to comment.
Last year, PIF increased its stake in ACWA Power to 50 percent from 33.6 percent to support the renewable energy sector in Saudi Arabia.
(Writing by Seban Scaria; editing by Daniel Luiz)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021
