Acwa Power Co. Plans $1.9 Billion Stock Issue for Expansion
Key Ideas
- Acwa Power Co. aims to raise $1.9 billion through a stock issue to existing shareholders to fund its expansion plans.
- The company intends to triple its assets by the end of the decade, focusing on renewables and green hydrogen projects globally.
- In addition to renewable energy initiatives, Acwa Power Co. operates power plants using oil and gas, along with water desalination projects.
Saudi Arabia's Acwa Power Co. is set to raise 7.1 billion riyals ($1.9 billion) through a stock issue to existing shareholders. This move comes following a significant increase in the company's share price since its listing in 2021. The funds generated from this rights issue will be utilized to support the company's ambitious plans to expand its assets threefold by 2030. Acwa Power Co. is focusing on venturing into the Chinese market as part of its global strategy towards renewables and green hydrogen initiatives, in addition to enhancing projects within Saudi Arabia. Apart from its renewable energy endeavors, the company is actively involved in operating power stations that are powered by oil and gas, and engaging in water desalination projects.