ACWA Power is preparing to apply for an initial public offering (IPO) in the last quarter of 2019, the company’s chairman confirmed to Al Arabiya.
“It has been approved by the board of directors and we are working on the offering at the end of the current year. You will hear the details at the time,” said Mohammad Abdullah Abunayyan, Chairman of ACWA Power.
“ACWA Power’s IPO reflects confidence in the company and in the economy and government of Saudi Arabia,” Abunayyan added.
According to Abunayyan, the IPO was initially planned for last year but has been awaiting the approval of the competent regulatory authorities.
Meanwhile, ACWA Power and Dubai Electricity and Water Authority (DEWA) said on Sunday they had completed the financing of a 950-megawatt concentrated solar power project in Dubai.
The companies did not disclose the size of the deal in Sunday’s statement, but sources told Reuters in January the financing would be more than $2 billion.