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IFC confirms $100m ACWA investment

Private sector branch of the World Bank completes injection.

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Paddy Padmanathan
Paddy Padmanathan

International Finance Corp (IFC) has completed a SAR 375mn ($100 million) equity investment in Saudi Arabia-based water and power project developer ACWA Power.

The investment will boost the amount of funding for renewable energy projects to help meet growing power demand in the Middle East and Africa, the private arm of the World Bank said in a statement.

IFC had initially disclosed plans in July for the investment.

ACWA aims to complete a stock market flotation in the kingdom by early 2015, having chosen the investment banking arm of Banque Saudi Fransi to arrange the listing, an executive confirmed in May.

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