Saudi's ACWA keen to buy Saudi Electricity assets
Saudi Arabia's utility regulator said SEC would be split up into several firms by the end of 2016 in a bid to increase efficiency
ACWA Power is keen to buy assets from Saudi Electricity Co (SEC) if the state-controlled utility be broken up as planned, according to a senior executive.
Last month, Saudi Arabia's utility regulator revealed that SEC would be split into several firms by the end of 2016 in a bid to increase efficiency.
Political pressue for the long-contemplated change has increased since oil prices began to plunge in 2014, Reuters reported.
"If the government is selling we will happily buy," Pascal Martese, ACWA Power's executive director of acquisitions and project finance said.
The regulator said a break-up of SEC would be open to competition and stakes in the new firms would be offered either to local citizens through the stock market, or to local or international corporate partners.
"This is our business and we think we can value it properly and give a good deal to the government and then deliver reliable power capacity after we take over," Martese said.