ACWA Power ‘keen’ to buy SEC assets, says CEO

ACWA Power International Saudi Arabia is “keen” to acquire assets in Saudi Electricity Co. (SEC), the Gulf’s largest utility, after the planned restructuring is completed, Makkah newspaper reported on Thursday, citing chief executive Paddy Padmanathan.

SEC has hired advisors for the turnaround plan, Padmanathan said, expecting the kingdom to invite qualification bids for restructuring schemes by the end of this year.

"We will be buying. This is our domestic market and we are well positioned. The biggest growth for us is going to be Saudi Arabia because of all the privatization,” Padmanathan said.

Riyadh-based ACWA in March 2016 unveiled a plan to buy assets from the state-owned utility in light of the planned division, Argaam earlier reported.

In line with the Saudi Vision 2030, SEC will be split into six parts towards privatizing the utility, including four firms for power generation, and other two for transmission and distribution.

Nasser Al-Qahtani, the vice-governor of Regulatory Affairs, Electricity and Cogeneration Regulatory Authority (ECRA) had earlier said the first electricity generation company will be offered for sale by the end of this year or early 2018.