ACWA Power has IPO approved by Saudi market authority

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ACWA has recently led a consortium that will operate the largest solar farm in Saudi Arabia. Image: ACWA Power.

Saudi developer ACWA Power has seen its initial public offering (IPO) application approved by the country’s Capital Market Authority (CMA) and intends list its shares on the Main Market of the Saudi Stock Exchange.  

The IPO of 81,199,299 new ordinary shares represents 11.1% of the company’s enlarged share capital. The final price of shares for buyers in the IPO will be decided “at the end of the book-building period”, ACWA said in a media release.

ACWA operates in 13 countries and provides 20.3GW of electricity generation to those markets. The company said its short-term pipeline consists of more than 85 projects with a total capacity of 68GW. At present, around 33% of ACWA’s total gross power capacity comes from renewables, but this is targeted to increase to 50% by 2030.

Its CEO, Paddy Padmanathan, hailed a “historic shift towards renewable energy” and said that the company had developed “long-term contracts and diversified assets” in a robust business model. “We are now well-positioned to capture significant opportunities in Saudi Arabia as well as in attractive markets globally, including utility-scale green hydrogen,” he added.

“We believe the IPO will give new investors a unique opportunity to participate in the exciting opportunities that lie ahead,” said Mohammad A. Abunayyan, chairman of the board of directors, ACWA Power.

Last month, ACWA led a consortium in securing final close on Saudi Arabia’s largest solar project, which will provide 1.5GW of capacity through an investment of US$906 million.

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