PIF-backed ACWA Power nears $1bn IPO announcement

Saudi Arabia’s ACWA Power International is close to announcing its initial public offering, where it seeks to raise more than $1 billion.

The announcement could be made “as soon as this week,” unnamed sources told Bloomberg, and the listing could value the company at $10 billion or more.

ACWA Power declined to comment.

The utility company, which is backed by the Public Investment Fund, is behind the Saudi government’s major renewable energy plans, with major projects in solar and green hydrogen.

It is involved in the construction of a $5 billion green hydrogen plant in NEOM, and a major renewable power project for the Red Sea Development Co.