ACWA and Nebras eye $2bn asset spree, reports say
Saudi and Qatari firms among bidders for power assets being sold by 1MDB of Malaysia.
ACWA Power and Nebras Power are said to be amongst bidders for power assets being sold by debt-ridden state investment company, 1Malaysia Development (1MDB), reports says.
The Saudi and Qatari companies have been shortlisted for the energy sale along with Hong Kong-listed CGN Meiya Power Holdings Co., Bloomberg said citing unnamed sources.
Acwa Power will bid jointly with Tenaga Nasional for the assets which could be worth close to $2bn, the news agency said.
1MDB owns a net power generation portfolio with a capacity of 5,600 MW and is the largest independent power producer in Bangladesh and Egypt and also has invested in power plants in the UAE, according to its website.
The state investment fund is in discussions with potential parties and expects to reach an agreement by the fourth quarter, 1MDB said in a statement without revealing the names of the bidders.
ACWA Power owns a large portfolio of power assets centred around the Middle East but as far afield as South Africa and South East Asia.
Nebras, which is backed by Qatar Electricity and Water Company (QEWC), has also been on the acquisition trail and owns assets in Jordan and is lookign at expanding into Africa and Asia.