Saudi ACWA Power sees US$4.5b in local project tenders

Riyadh

SAUDI Arabian utility developer ACWA Power IPO expects to submit tenders for projects this year worth US$4.5 billion in Saudi Arabia and will also target projects in Morocco and the United Arab Emirates, its chief executive said.

ACWA Power CEO Paddy Padmanathan also confirmed the developer of electricity and water projects in the Middle East, Africa and South-east Asia has shortlisted banks to arrange an initial public offering (IPO). The company is looking to sell a 30 per cent stake to investors and list in Riyadh, said banking sources. An IPO is expected by the end of the year.