Discover our upstream and downstream technical journals
Paddy Padmanathan, CEO, ACWA Power.

Paddy Padmanathan, CEO, ACWA Power.

A Saudi Arabian sovereign wealth fund has taken a 15.2% stake in ACWA Power, a dominant solar power developer in the Middle East.

Saudi-based ACWA has historically been a developer of conventional power and water projects. This year it made headlines with a winning bid of 2.3417 US cents per kWh for the 300MW Sakaka PV project in its domestic market.

The Public Investment Fund of Saudi Arabia has taken a direct stake of 15.2% and already had an indirect interest of 9.78% via its Sanabil subsidiary. Rumours of an IPO at ACWA have circulated for a long time.

The country’s long-term strategy includes vast economic diversification and a reduction in its own oil consumption.

“The investment by PIF reflects its commitment to the Kingdom of Saudi Arabia’s energy transition plans of diversification of the fuel mix in power generation including the introduction of significant renewable energy capacity and the expansion of much needed additional power generation and desalinated water production capacity,” said Paddy Padmanathan, CEO, ACWA Power.

“While ACWA Power will continue to focus on reliably delivering electricity and desalinated water at the lowest cost, [it] also intends to leverage its domestic and international market-leading position to play a pivotal role in the Kingdom of Saudi Arabia’s energy transition plan, as evidenced by its recent successful bid for the Kingdom of Saudi Arabia’s first utility-scale solar photovoltaics tender in the Kingdom of Saudi Arabia in February 2018,” added Padmanathan.

According to ACWA Power, the investment takes the form of a “capital increase” with the proceeds ploughed back into ACWA’s investment plans.

Tags: pv power plants, finance, investment, saudi arabia, sovereign-backed, acwa power, middle east, acwa

Solar Media Events

Utility Solar Summit UK

Jun 15 - Jun 16, 2021

London, UK

The Utility Solar Summit UK will focus entirely on the opportunities in the UK ground-mount space and feature the new technology and advanced innovations allowing asset owners to improve yield in a subsidy free market. Listen to senior market leaders share stories of their successes and manufacturers pushing the envelope for solar PV whilst taking advantage of our enhanced networking features to connect you with your peers onsite; realising the potential of UK utility scale deployment from 2020 and beyond.

Find out more

Solar Media Events

PV ModuleTech

Mar 10 - Mar 12, 2021

Penang, Malaysia (also available virtually)

Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run as a live event in Penang for delegates able to attend and will also welcome virtual delegates via streamed content and online networking.

Find out more