Saudi Arabia’s Public Investment Fund takes 15.2% direct stake in ACWA Power

now viewing

Saudi Arabia’s Public Investment Fund takes 15.2% direct stake in ACWA Power

July 7, 2018 Anand Gupta

now playing

Amara Raja Infra bags 700 MWp solar project from Greenko in Andhra Pradesh - EQ

July 7, 2018 Anand Gupta

now playing

Renewable energy can truly change the landscape: IRENA - EQ

July 7, 2018 Anand Gupta

now playing

Southern Railways invites bids for 1.2 MW rooftop solar projects -EQ

July 7, 2018 Anand Gupta

Solar-wind hybrid power plant installed in Arunachal

now playing

RfS for selection of WPD for setting up of 600 MW ISTS connected Wind Power Projects in India under TBCB - EQ

July 7, 2018 Anand Gupta

now playing

Jindal Stainless commits to science-based targets for achieving net zero -EQ

July 7, 2018 Anand Gupta

NTPC ranked as the top Independent Power Producers and Energy Traders Globally by S&P Platts

now playing

NGEL and ITL join alliance for green energy advancement - EQ

July 7, 2018 Anand Gupta

now playing

Inox Wind secures 210 MW wind power project from Hero Future - EQ

July 7, 2018 Anand Gupta

now playing

Amara Raja Infra Wins Greenko’s 700MWp Solar Project -EQ

July 7, 2018 Anand Gupta

now playing

PSU stock in focus after forming a JV with Assam Govt to generate renewable energy - EQ

July 7, 2018 Anand Gupta

Petition of BERC (RPO, its Compliance and REC Framework) Regulations, 2010

now playing

Petition for "Formulation of Regulations and Determination of Tariff for Green Energy Open Access Consumers" - EQ

July 7, 2018 Anand Gupta

The PIF already owns a 9.8% stake in ACWA through a subsidiary, Sanabil Direct Investments Company

Dubai: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has taken a 15.2 per cent direct stake in Riyadh-based ACWA Power, a developer and operator of power and water plants, the two announced in a joint statement on Wednesday. The PIF already owns a 9.8 per cent stake in ACWA through a subsidiary, Sanabil Direct Investments Company, bringing its total shareholding in the company to 25 per cent, the statement said.
The investment will be in the form of a capital increase and proceeds will be used to “support ACWA’s growth strategy and investment plan,” it said.

Plans for the stake sale have been in the works since 2016, when the PIF hired HSBC to advise it on the purchase.