On Tuesday, Saudi Arabia-based power and water project developer, Acwa Power, said that it is looking for a stock market floatation on the Saudi bourse during the course of 2016, according to the company’s chief executive Paddy Padmanathan.
Padmanathan told Reuters: “We are committed to broadening the shareholder base, including to bring in the Saudi public and in due course international participants.”
Driving clean power investment
He continued: “We are working towards an IPO listing programme, very much subject to regulatory constraints and approval processes. We look forward to getting this done as soon as possible and a realistic time frame has got to be sometime in 2016.”
Expanding in Africa
Acwa Power is involved in various renewable power projects in Africa and has $27 billion (ZAR 372 billion) worth of assets, with an additional $17 billion (ZAR 234 billion) being developed, Reuters reported.
According to Padmanathan, a further $15 billion (ZAR206 billion) has been earmarked for future construction projects where the company will use its offices in Rabat, Cairo and Johannesburg to grow its African footrpint even further.
Reuters reported that each region could expect to generate between 5,000 and 6,000MW of renewable power with the next five years.
Padmanathan said: “By 2030 I expect to see 40 percent of African electricity being supplied by renewables.”