ACWA Power consults banks ahead of planned IPO
Published January 11th, 2018
Saudi power and water project developer ACWA Power is understood to have contacted banks with a view to arranging an initial public offering later this year.
Riyadh-headquarted ACWA Power currently generates some 2.7 million m3/d of desalinated water at the facilities in which it owns stakes. The most recent water contract it secured is the agreement to build, own and operate a 120,000m3/d facility in Salalah, Oman.
Although it is backed by an array of private and institutional equity investors – including the Saudi state – the company has been keen to diversify its portfolio of backers. In May last year it raised $814 million from bond investors via an oversubscribed issue of groundbreaking asset-backed securities.
In a statement, ACWA Power said it had always had a consistent commitment to a public equity stake, but added: “We will make announcements on this subject as and when we have something meaningful to say.”