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ACWA Power nears $10bn investment target despite COVID-19

ACWA Power nears $10bn investment target despite COVID-19
ACWA Power is still committed to go public soon

Riyadh - Mubasher: ACWA Power could achieve its target of $10 billion worth of new investments this year as the company’s projects saw a minor impact from the coronavirus (COVID-19), Reuters reported on Monday.

The company is still committed to an initial public offering (IPO), but the execution is pending the right time and the suitable market conditions, CEO of ACWA Power Paddy Padmanathan told Reuters.

"We will get to a public listing sooner rather than later,” he disclosed.

The company managed to navigate the pandemic impact successfully thanks to its vital water and electricity services it provides across the Middle East, Africa, and Asia.

Current projects under construction are well in progress though witnessing a minor impact due to movement and supply chain restrictions.

Last year, the head of Saudi Arabia's Public Investment Fund (PIF) Yasir Al Rumayyan, announced that the sovereign wealth fund plans to raise its stake in ACWA Power to 40% from 29.28%.

In this respect, Padmanathan concluded, "We have welcomed that and are working towards that.”