Saudi Arabia’s Acwa Power Raises SAR 2.8 Billion Via Issuance of Seven-Year Sukuk 

Continuing its diversification of funding sources in order to support its growth, Acwa Power has raised SAR 2.8 billion via the issuance of Sukuk. The seven-year senior, unsecured, floating rate instrument follows a Mudarabah-Murabahah structure.

Why it Matters?

The issuance was oversubscribed by 1.8x. President and Chief Executive Officer of Acwa Power, Paddy Padmanathan, noted that the success of the issuance demonstrates the faith of the wider market in Saudi Arabia’s bond market. This is also Acwa Power's first transaction after Saudi Arabia's government wealth fund, the Public Investment Fund, acquired a 50% stake in the company in 2020.

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