The Saudi sovereign wealth fund hopes to finalise the agreement in a few days, just ahead of a planned initial public offering (IPO) by ACWA
Power, according to sources quoted by Bloomberg .
Shaker added, "Energy projects are long-term by nature, and by selecting ACWA
Power, we have partnered with a developer who is keen to invest in several energy infrastructure projects in Egypt.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired HSBC Holdings (LSE: HSBA) to advise it on a potential purchase of a stake in ACWA
The NOOR PV I Programme will be included in the recently launched ACWA
Power RenewCo, a new company created to group ACWA
Powers existing renewable energy portfolio, which already exceeds 1 GW.
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.
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.
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.
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.
Establishing a water bank was a key action recommended by ACWA
in a letter delivered today to Gov.
The offering, in line with ACWA
Power's growth strategy, is designed to enable the company to diversify its sources of financing, raise longer maturity capital commensurate to the maturity profile of its asset base, repay certain existing facilities, and to enhance its funding flexibility.