ACWA Power invites banks to arrange IPO: report

Riyadh-based ACWA Power has invited banks to pitch for its up to $1 billion initial public offering (IPO) mandate, Reuters reported, citing unnamed sources.

A request for proposals was sent to foreign and local banks last week, it said.

In the past week, the Riyadh-based firm reached the financial close for three solar PV projects under Round 2 of Egypt Feed-in Tariff programme II and was among the two shortlisted companies for Saudi Arabia’s 300MW solar project in Sakaka, Al Jouf.