ACWA says investor pitch well received as it gears up for IPO
ACWA Power, one of Saudi Arabia’s main vehicles for building renewable energy projects, said meetings with potential investors ahead of an initial public offering have gone “very well.”
The company, half-owned by the kingdom’s sovereign wealth fund, is pushing ahead with an IPO it’s been discussing for years, CEO Paddy Padmanathan said in an interview with Bloomberg TV. Over the next five years, the company will double the amount of power it generates, mostly from renewable sources amid a global shift away from burning fossil fuels, he said.
“Investors that we have engaged with in pre-IPO presentations have received us very well,” Padmanathan said. “With our own established capability, capacity and track record, to drive the energy transition and reduce the cost of desalinated water,” we are in “the right place, at the right time,” he said.
ACWA is closely tied to the Saudi government’s ambitions to build more renewable power plants, reducing its emissions and freeing up more fossil fuels for the lucrative export market. The Public Investment Fund, the kingdom’s powerful sovereign wealth fund, boosted its stake in ACWA earlier this year as it looked to accelerate plans to build more solar power projects.
Padmanathan said ACWA, which has announced plans to stop investing in new coal- or oil-fired power plants, could reach its net-zero emissions goal before an existing target of 2050.
ACWA’s IPO on the Saudi stock exchange could raise about $1-billion, valuing the company at $10-billion, people familiar told Bloomberg last week. Padamanathan declined to comment.
Comments
Research Reports
Projects
Latest Multimedia
Showroom
Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...
VISIT SHOWROOM
We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
