Saudi Arabian renewables company ACWA Power has announced its intention to list on the Saudi Stock Exchange.
The Capital Market Authority approved the company’s application for the initial public offering of 81,199,299 new ordinary shares back in June, and now ACWA Power has decided to go-ahead with the float.
It said the shares represent about 11.1% of the company’s enlarged share capital.
The final price of the shares will be determined at the end of the book-building period, ACWA Power said.
The company has 64 projects in operation, construction or advanced development in 13 countries across three continents including renewables and desalination plants.
ACWA Power board chairman Mohammad Abunayyan said: “In this increasingly power-deficient and fresh-water constrained world, we are proud to positively impact millions of lives every day by delivering essential power and water.
“Since ACWA Power’s inception 17 years ago in Saudi Arabia, our mission has been to provide these life-sustaining utilities in a reliable and responsible manner, at low cost.
“Over the past decade, our business model has gone from strength to strength, and today ACWA Power emerges as not only a power generation and desalination champion at home in the Kingdom but also as a company enabling and driving the worldwide transition to a greener, cleaner future.”