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ACWA Power plots IPO for 2016

Saudi power and water project developer eyes stock market listing, CEO says.

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Paddy Padmanathan, CEO of ACWA Power
Paddy Padmanathan, CEO of ACWA Power

ACWA Power CEO Paddy Padmanathan says the Saudi Arabia-based power and water project developer is likely to launch an initial public offering (IPO) on the Saudi bourse sometime next year.

The company owns a portfolio of power and water projects worth $27bn, with another $17bn under construction, ranging from conventional oil and gas-fired plants to solar power plants.

"We are committed to broadening the shareholder base, including to bring in the Saudi public and in due course international participants,” Padmanathan told Reuters.

"We are working towards an IPO listing programme, very much subject to regulatory constraints and approval processes.

"We look forward to getting this done as soon as possible and a realistic time frame has got to be sometime in 2016," he added.

ACWA Power is owned by eight Saudi conglomerates besides Sanabil Direct Investment Company (owned by the Public Investment Fund) and by the Saudi Public Pensions Agency.

The company started its first power project in the Kingdom in 2005 and now owns or holds large states in 24 projects spread across 11 countries and three continents.

It has branched out into the renewable sector with the Noor solar projects in Morocco and is the developer of Dubai’s 200MW solar plant.
 

 

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