ACWA Power, an entity partially owned by Saudi sovereign wealth funds, will raise up to 4.55 billion Saudi Riyals ($1.2 billion) through its initial public offering (IPO) in Saudi Arabia.

The company announced in the filing that it will issue 81.2 million shares at a price of US$13.60 to US$14.9 per share, accounting for 11.1% of the shares. It is said that the listing in Riyadh has made ACWA Power's valuation as high as US$11 billion, making the company's public offering second only to Saudi Aramco's IPO. Saudi Arabia's Public Investment Fund (PIF) owns half of the company, which has 64 projects in 13 countries/regions worth US$248 billion.

ACWA Power CEO Paddy Padmanathan said: "We are producing 2.8 million cubic meters of desalinated water and 20 gigawatts of energy. We have developed a business model based on diversification and demonstrated the efficiency we have demonstrated and the delivery New asset capabilities." ACWA Power was established in 2004 and is a global developer, owner and operator of long-term contracted power generation and desalination projects.

The company has 3,500 employees and currently has a total power generation capacity of 41.6 GW and a desalination capacity of 6.4 cubic meters per day. It is in operation, under construction or in advance development. Its Saudi Arabian investment portfolio is estimated to account for 24% of the Kingdom's total power generation capacity and 49% of the country's desalination capacity.

Keywords: international engineering news, foreign engineering project information

In August 2021, ACWA Power completed the financial settlement of the 1.5GW Sudair Solar photovoltaic (PV) plant located in Sudair Industrial City, Saudi Arabia. With an investment of US$906 million, the Sudair Solar project is expected to generate enough electricity to power 185,000 households and offset nearly 2.9 million tons of emissions each year.Editor/Baohongying