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ACWA Power plans to expand into solar panel manufacturing, its chief executive said, in a move which would put the power and water plants developer at the heart of Saudi Arabia’s plans to develop its renewable power industry.
Vast wealth and the promise of dramatic change make for cautious optimism concerning Saudi Arabia, the chief executive…
2230 Views | the publication reaches you by | Saudi Arabia TodayRiyadh-based ACWA Power, partly owned by Saudi’s Public Investment Fund (PIF), is in talks to become a manufacturer of solar panels,
SoftBank Chief Executive Masayoshi Son announced in March last year a plan to invest in creating the world’s biggest solar power project in Saudi Arabia, a project expected to have the capacity to produce up to 200 gigawatts (GW) by 2030.
“ACWA, being a Saudi company, will be working with PIF and Softbank […] we’re in discussions to become a solar panel manufacturer,” Padmanathan said.
ACWA Power plans to double its power production capacity by 2025 and to expand its operations to 25 markets from the current 12. “We expect renewables to be a significant part of that growth,” he said.
ACWA mandated banks last year to sell a 30 percent stake through an initial public offering (IPO).
Sources told Reuters at the time that JPMorgan, Citigroup, Natixis and Riyadh Capital had been appointed to advise on that process.
Padmanathan said on Monday that the IPO was postponed as the company had a lot of preparatory work to do and its balance sheet had to be “positioned in the right way,” but added that the company is still committed to a listing, and the banks that were mandated have retained their role.
150 take part through Watani Al Emarat via the ‘Your City Needs You’ initiative Over 150 volunteers –…
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The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).
