Saudi Arabia's PIF raises stake in ACWA Power
- Saudi Arabia's Public Investment Fund (PIF) has elevated its shareholding in renewable resource programmer ACWA Power.
The sovereign wide range fund has actually taken its risk from 33.36% to 50% to guarantee the Riyadh-based power company plays "an important role" in establishing the state-owned riches fund's renewable energy passions, it claimed.
In a statement, the PIF said the raised risk would certainly aid to drive and also diversify financial growth in Saudi Arabia.
The deal also comes numerous months after China's Silk Road Fund completed the procurement of a minority 49% risk in ACWA's renewables arm, ACWA Power RenewCo.
ACWA presently has 58 power centers in operation or incomplete, with functional capability of around 37.7 GW of power. Around 3 quarters (74%) of ACWA's properties incomplete are dedicated to reduced carbon modern technology.
Both entities have collaborated considering that 2013, when a subsidiary of PIF, Sanabil Direct Investments Company, bought a minority stake in ACWA. PIF made a direct investment in the group five years later.
Mohammad Abunayyan, chairman of ACWA, called the investment a "ballot of confidence" in the team's ability to broaden its operations "without compromising ecological stewardship."
"It is with much pleasure that we introduce the closure of this crucial deal for the common advantage of the Company, its investors as well as the Kingdom as a whole," he claimed.
