Riyadh – Mubasher: ACWA Power will reportedly invest $16 billion to implement new projects worldwide in 2021, ahead of plans for an initial public offering (IPO).
Four of the targeted projects have already closed, while a couple of them are closing over the coming 30 days, ACWA Power’s Chief Portfolio Management and Acting Chief Investment Officer, Rajit Nanda, told Arab News.
He said: “We did approximately $3.5 billion of projects during the course of 2020, taking them through to financial close.”
The company, which is backed by Saudi Arabia’s Public Investment Fund (PIF), mainly focuses on the GCC region with Saudi Arabia at the core of it, Nanda added. ACWA Power also looks at investment opportunities in Africa as well as Central and Southeast Asia.
The official noted, “We already have very important positions in countries like Egypt and Morocco. But we are looking at a few other countries, like Senegal and Tunisia and so forth, in terms of our expansion objectives.”
Earlier this week, Saudi Arabia’s Capital Market Authority’s (CMA) board approved a request by ACWA Power to offer 81.2 million shares in an IPO.
