 |
Louisiana Light • 21 days | 81.51 | -1.33 | -1.61% | ||
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Bonny Light • 2 days | 85.02 | +1.50 | +1.80% | ||
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Opec Basket • 3 days | 83.06 | +0.25 | +0.30% | ||
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Mars US • 229 days | 76.83 | -1.47 | -1.88% | ||
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Gasoline • 1 hour | 2.503 | +0.020 | +0.80% |
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Bonny Light • 2 days | 85.02 | +1.50 | +1.80% | ||
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Girassol • 2 days | 86.80 | +1.57 | +1.84% | ||
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Opec Basket • 3 days | 83.06 | +0.25 | +0.30% |
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Peace Sour • 2 days | 72.92 | +1.67 | +2.34% | ||
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Light Sour Blend • 2 days | 75.97 | +1.67 | +2.25% | ||
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Syncrude Sweet Premium • 2 days | 82.92 | +1.67 | +2.06% | ||
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Central Alberta • 2 days | 73.32 | +1.67 | +2.33% |
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Eagle Ford • 3 days | 76.81 | +1.88 | +2.51% | ||
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Oklahoma Sweet • 3 days | 76.75 | +1.75 | +2.33% | ||
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Kansas Common • 3 days | 70.50 | +1.75 | +2.55% | ||
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Buena Vista • 3 days | 85.05 | +1.88 | +2.26% |
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Saudi Utility Giant Plans $1.9-Billion Rights Issue to Boost Growth
ACWA Power, a major utility in Saudi Arabia, plans to raise as much as $1.9 billion via a rights issue to fund its plan to triple its assets under operation by 2030, the company said in a stock exchange filing on Tuesday.
ACWA Power’s board recommended that the utility increase its capital by $1.9 billion (7.125 billion Saudi riyals) through the Offering of a Rights Issue—selling more shares to existing shareholders.
The proceeds from the offering are set to allow ACWA Power “to anchor its growth strategy of tripling the assets under management by 2030 and enhance its financial position,” said the company, in which Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), holds a 44% stake.
The Board’s recommendation for a rights issue is subject to the approval of the relevant regulatory authorities and ACWA Power’s shareholders at an extraordinary general assembly.
“This Capital Raise will support ACWA Power’s new growth strategy, which is to triple its business by 2030,” the company said in the filing.
“This Capital Increase will allow ACWA Power to continue to invest in the growth of its portfolio while maintaining a strong financial position.”
ACWA Power, which operates oil and gas power plants and desalination plants in Saudi Arabia and elsewhere in the Middle East, has pivoted to renewable energy and green hydrogen projects in recent years.
So far this month alone, ACWA Power has signed an agreement to explore Japan’s Itochu co-developing and off-taking ammonia from a green hydrogen project in Egypt that would have an initial capacity of 600,000 tonnes per year of green ammonia.
ACWA Power’s current green hydrogen portfolio includes the participation in Neom Green Hydrogen Project, the world’s largest plant fully dedicated to export, which it is developing together with Air Products and Neom. The developers of the huge project have secured an $8.5 billion financial close and 30-year offtake agreement.
Last month, ACWA Power signed an agreement to partner with the International Renewable Energy Agency (IRENA) “to drive the worldwide transition to renewable energy sources.”
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ACWA Power’s rights issue comes days after Saudi oil giant Aramco priced its secondary share offering which would raise $11.2 billion for the Kingdom.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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