World Bank arm puts $100mn into Saudi's ACWA Power

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.


Search Jobs

Lechley Associates are a leading provider of people solutions to the construction industry

  • Scott is currently providing a service to me regarding placement into the UAE (senior management - environmental/conservation related projects). Scott has attention to detail - and always performs… more
    Dean Morgan
    Senior environmental consultant/scientist/ecologist
  • Scott is a well respected professional in his field. He has provided services to by providing the website with accurate detailed information for our visitors wishing to… more
    Susanne Ingham
  • I have been working for several years now with Scott as one of our preferred suppliers for various delicate recruitment missions. Every time, Scott shows a high level of dedication, thoroughness… more
    Michael Horvat - 迈克.奥赫瓦特
    HR Director, Legal Counsel
  • Worked very closely with Scott of Lechley Associates HR and Recruitment specialists in the UK, Abu Dhabi and recently in Riyadh, Saudi Arabia. I found his firm to honest and forthright, commercially… more
    David Pryor MA MIPM
    International Trade, New Project & Development Opportunities