Riyadh – Mubasher: ACWA Power, which is backed by the Saudi Public Investment Fund (PIF), is reportedly close to announcing an initial public offering (IPO) to raise more than $1 billion.
The listing may value the utility at $10 billion or more, Bloomberg cited people familiar with the matter, noting that an announcement could be made this week.
PIF increased its stake in ACWA Power to 50% in 2020 to support renewable energy developments.
The fund reportedly may not sell down its stake if an IPO goes ahead. The sources added that no final decision has been made and ACWA may decide against the transaction.