ACWA Power International has closed a private placement transaction of a new issue of 89.5 million primary equity shares to Sanabil, which is owned by Saudi Arabian Investment Company (subsequently owned by the Public Investment Fund) and to Saudi Public Pension Agency (PPA). Sanabil and PPA will consequently own 13.72% and 5.71% equity stakes respectively and will each be entitled to a seat on the Board of Directors.
ACWA, owned by private Saudi investors, was created in 2004 to develop Saudi Arabia first IWPP project. The company currently operates about 13 GW of power capacity and produce approx. 2.4 mcm/d of desalinated water. ACWA is developing a massive power project in Al Qurayyah, south of the eastern city of Khobar (3,600 MW) , and expanding outside Saudi Arabia. It was part of a group that won a US$1bn contract to build a 160 MW concentrated solar power plant south of Morocco.
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