Public Investment Fund increases stake in ACWA Power
Published by Sarah Smith,
Assistant Editor
Energy Global,
The Public Investment Fund (PIF) has announced that it has increased its ownership stake in ACWA Power from 33.36% to 50%.
The investment comes as part of PIF’s strategy to support the development of the renewable energy sector within Saudi Arabia and enable the growth of national champions to become regional and global leaders, while also realising sustainable investment returns. It is expected that ACWA Power will play an integral role in the development of PIF’s renewable energy programme.
Including ACWA Power’s assets that are under construction, or in advanced development, 74% of the total gross capacity of ACWA Power’s portfolio is dedicated to clean and low carbon power technologies.
PIF’s relationship with ACWA Power was established in 2013 when PIF’s fully-owned subsidiary Sanabil Direct Investments Company initially invested in ACWA Power. The relationship was further developed in 2018 when PIF made its first direct investment in ACWA Power.
Read the article online at: https://www.energyglobal.com/special-reports/30112020/public-investment-fund-increases-stake-in-acwa-power/
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