World Bank arm puts $100mn into Saudi's ACWA Power
International Finance Corporation (IFC), part of the World Bank, has invested $100mn into Saudi Arabian power plants operator ACWA Power through a subscription to a new share issue.
ACWA Power is a company that was set up by the Saudi government to encourage private sector investment into the Kingdom's power & water sector.
It is owned by eight Saudi conglomerates, alongside the Kingdom's Public Investment Fund and the Saudi Public Pensions Agency.
The firm has also spread beyond the Kingdom, taking stakes in power plants across the MENA region including facilities in Oman, UAE, Jordan, Egypt, Turkey, Morocco and in parts of southern Africa and South East Asia.
In total, it now owns parts of plants in nine countries with a total capacity to produce 15,290MW of power and 2.4mn m3 of desalinated water per day.
The plants have a combined investment value of $22bn.
Paddy Padmanathan, president and CEO of ACWA Power, said:
We are excited by the possibilities that this partnership brings, especially having understood each other through IFC being a co-investor and lender on several assets in ACWA Power's portfolio.
"IFC and ACWA Power are aligned in ACWA Power's commitment to deliver electricity and/or desalinated water at the lowest possible price to support the social and economic development of emerging economies.