星期二, 9月 28, 2021
Home PV News Asia ACWA Power has IPO approved by Saudi market authority

ACWA Power has IPO approved by Saudi market authority

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

Source:PVTECH

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Modules Manufactured in Europe Emit 40% Less CO2 than the Chinese: Fraunhofer ISE

Researchers at the Fraunhofer Institute for Solar Energy have claimed that solar modules manufactured in the European Union produce 40% less carbon dioxide than...

Generac unveils new microinverter as part of move into solar, energy storage

Generac, a U.S. manufacturer of backup power generation products for the residential, light commercial and industrial markets, has unveiled two new solar microinverter models...

China pledges not to build new coal plants abroad yet questions remain

“China will step up support for other developing countries in developing green and low-carbon energy and will not build new coal-fired power projects abroad,”...

Circular economy could support India’s push for clean energy, self-reliance

With approximately 44 GW of installed PV capacity and 40 GW of installed wind capacity as of July – against a 450 GW renewables...