Saudi Arabia's Acwa Power plans IPO for 2016
Acwa, which has assets worth $17bn under construction, is eyeing a "realistic timeframe" of 2016 to float an IPO on Saudi's bourse, the company's CEO confirmed
Saudi Arabia-based power and water project developer, Acwa Power, is likely to float an initial public offering (IPO) on the Saudi bourse sometime next year, its chief executive officer said on 29 September, 2015.
The company, which has $27bn worth assets, with another $17bn under construction, is involved in renewable energy projects across Africa.
Paddy Padmanathan, president and chief executive ofifcer of the firm, told Reuters: "We are committed to broadening the shareholder base, including to bring in the Saudi public and in due course international participants.
"We are working towards an IPO listing programme, very much subject to regulatory constraints and approval processes.
"We look forward to getting this done as soon as possible and a realistic time frame has got to be sometime in 2016," he added.
Padmanathan said the firm has not yet decided where a secondary listing for the company would be.
With another $15bn worth of projects set for construction in the future, Padmanathan said the firm would use regional hubs based in Rabat, Cairo, and Johannesburg to expand across the continent.
Each region could eventually contribute between 5,000 and 6,000 megawatts of renewable energy within the next five years.
"By 2030, I expect 40% of African electricity being supplied by renewables," he added, according to the report.