Saudi Arabia’s ACWA Power to Raise up to USD 1 Billion through Sukuk Issuance

Saudi Arabia's ACWA Power International (ACWA) aims to generate up to SAR 3.75 billion (USD 1 billion) through the auction of a Sukuk program, according to industry sources.

Industry sources further added that ACWA is in talks with local banks in Saudi Arabia, regarding the potential Sukuk deal to be denominated in SAR. Funds generated through this auction are expected to be utilized towards the day to day purposes of the company.

Earlier in January 2020, the Chief Executive Officer (CEO) of ACWA, Paddy Padmanathan, said that the sovereign wealth fund, Saudi Public Investment Fund, was expected to raise its holding in ACWA from 25% to 45%. The increase is expected to be a lead up to...