PIF Announces Increase in Stake in ACWA Power

SourceEye of Riyadh
SectorEconomy
CountrySaudi Arabia

The Public Investment Fund (PIF) 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 realizing sustainable investment returns. It is expected that ACWA Power will play an integral role in the development of PIF’s renewable energy program.​Commenting on the announcement, PIF said: “PIF’s increased stake is an endorsement of ACWA Power’s ambition and progress. PIF is a long-term investor and is committed to actively enable the development of key economic sectors, such as Renewables, in Saudi Arabia. We believe that ACWA Power will play a significant role in both driving and diversifying economic growth in the future – while also providing enduring commercial return for the people of the Kingdom.

We are proud to be part of this Company’s long-term development.”​Mohammad Abunayyan, Chairman of ACWA Power, said: “It is with much pleasure that we announce the closure of this key transaction for the mutual benefit of the Company, its shareholders and the Kingdom as a whole. As one of...read more...