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ACWA Power sets IPO offer price

ACWA Power sets IPO offer price
The offering will secure $1.2 billion for ACWA

Riyadh - Mubasher: Saudi Arabia-based ACWA Power International, specialised in developing renewable energy projects, has set the offer price for its initial public offering (IPO) at SAR 56 riyals ($14.93) per share, Bloomberg reported.

To be 44% owned by Saudi Arabia’s sovereign wealth fund following the IPO, the offering will secure $1.2 billion for ACWA and value the company at $10.9 billion.

The company will contribute to Saudi Arabia's strategy to foster renewable power production to cut carbon emissions and transform its energy sector.

In early September, the CEO of ACWA, Paddy Padmanathan, told Bloomberg that the company will double its power generation mainly from renewable sources.

Noteworthy to mention, in early September, ACWA Power announced its plans to proceed with an IPO and list its shares on the Main Market of the Saudi Exchange (Tadawul).