ACWA Power in talks with PIF to up stake in utility developer: chairman

Riyadh-based ACWA Power is in talks with the Public Investment Fund (PIF) to raise its stake in the company to 35 percent from current 25 percent, Mohammad Abunayyan, the utility provider’s chairman, told Alarabiya TV.

“Talks are still ongoing,” Abunayyan said, expecting to unveil new developments on the matter soon.

On the other hand, ACWA Power, which operates in 11 markets, will enter its 12th market “very soon”.

“The utility provider has an ambitious plan to expand in 46 countries by 2030 with a total production capacity of 150 gigawatt and 15 million cubic meters of desalinated water,” he added.

ACWA Power is currently working on 89 projects in the process of qualification, development, and bidding.

In July 2018, PIF acquired 15.2 percent of the utility developer’s shares, Argaam reported earlier.

PIF’s wholly-owned subsidiary, Sanabil Direct Investments Co. also purchased in 2013 a 9.78 percent holding in ACWA Power, bringing up the fund’s total direct and indirect shareholding in the company to 24.98 percent.