The Public Investment Fund announced today that it has officially acquired a 15.21% stake in International Water and Power Company (ACWA Power), the operator of power generation and water desalination projects and plants, in the form of a capital increase in the company, with the proceeds to be used to support the company’s growth strategy and future investment plans.
According to an official statement issued by the Fund and ACWA Power, this stake is in addition to the stake held by the Saudi Arabian Investment Company (Sanabel Investment), which is wholly owned by the Public Investment Fund and which invested in “ACWA Power” with a 9.781% stake, bringing the Fund’s total direct and indirect stake in the company to 24.981%.
This investment aligns with the Public Investment Fund’s program aimed at launching and developing new sectors to support and accelerate the growth of innovative Saudi projects and companies and achieve significant long-term returns.
On this occasion, an official spokesperson for the Public Investment Fund said: “We see significant long-term growth potential in ACWA Power and view it as a strategic long-term investment, as the company has a strong asset base and a proven track record of innovative projects both domestically and globally.”
For his part, Mohammed Abunyan, Chairman of the Board of Directors of ACWA Power, said: The Fund’s approval of this investment underscores the central role the company plays in the Kingdom’s economy and our successful international expansion, all of which are geared toward achieving the goals of Vision 2030. This investment serves as recognition of the immense and genuine growth opportunities the company can capitalize on in both local and international markets.
AquaPower has a proven track record of innovation in the renewable energy sector, having recently achieved the world’s lowest solar photovoltaic tariff (2.34 US cents per kilowatt-hour) in the 300-megawatt Sakaka solar photovoltaic project, the first solar project in the Kingdom of Saudi Arabia.
