Paddy Padmanathan, President & CEO of ACWA
Power, stated that, "ACWA
Power is proud to have attracted such a strong group of financial and strategic partners of high repute into this captive co-investment fund.
According to ACWA
, the new plant will be capable of supplying power to around 210,000 homes.
Riyadh, Safar 09, 1436, December 01, 2014, SPA -- ACWA
Power has recently welcomed (IFC), a member of the World Bank Group as a shareholder upon the formal closing of the private placement transaction of a new issue of primary equity shares representing a total investment amount of USD 100 Million (SAR 375 million) which is the largest equity investment in the infrastructure sector in the Middle East region.
Power is a company that was set up by the Saudi government to encourage private sector investment into the Kingdom's power & water sector.
International Financial Corporation (IFC), which is already a lender and co-investor with ACWA
in several major projects, has signed up to purchase newly issued shares in the company.
Thamer will contribute to ACWA
Power by consolidating its position as a market leader in its chosen sector in the countries it has elected to operate.
Power International, the major shareholder of ACWA
Power, played a key role as developer, investor and operator in nurturing the transaction, said a press release.
The project will be constructed adjacent to ACWA
Power Barka's existing plant and will benefit from its synergies, said Nomac Oman, a subsidiary of ACWA
Power and the operation and maintenance (O&M) provider for the plant.
IFC's investment will support ACWA
Power's plans to improve the efficiency of CEGCO's power plants through their repowering, up-rating and rehabilitation and to expand CEGCO's generating capacity to keep pace with the country's rapidly growing electricity needs, the statement said.
This move by ACWA
Power International will build on the existing portfolio of plants developed and owned by ACWA
Power Projects to produce 4,855 MW and 2.
A former manager with the Los Angeles Department of Water and Power, he has served as vice president of the ACWA
Utility Service Agency and commissioner of the Los Angeles Local Agency Formation Commission.
In 2005, ACWA
asked the governor to establish a process that would break the decades-old stalemate over the Delta and lead to a powerful new vision.