Acwa Power Co. of Saudi Arabia intends to start operations in China as early as next year as it looks to expand into nations.
That want to increase exposure to renewable technologies, according to chief executive officer Marco Piero Arcelli.
The CEO of the Riyadh-based water and power services company announced the move at the Ambrosetti business summit in Cernobbio, Italy, over the weekend.
The move is part of a global expansion strategy that runs through 2030.
The Saudi Capital Market Authority announced on Wednesday that it has approved an IPO for an 11.1% share in ACWA Power.
Leading a partnership that will construct and manage renewable energy-based utilities at Saudi Arabia’s showpiece.
Red Sea tourism project is ACWA Power, whose plans for an initial public offering were postpone in 2018.
Saudi Arabia’s Acwa Power
The CMA added that its permission for ACWA’s offering of 81,199,299 shares was valid for six months, and that “the company’s prospectus. Will be publish within adequate time prior to the start of the subscription period.”
As part of an effort to promote Saudi Arabia’s Acwa Power renewable energy sector, the Public Investment Fund. The country’s sovereign wealth fund, said in November that it had increased its share in ACWA Power from 33.6% to 50%.
According to the CMA, the approval of the application is valid for six months following the date of the Authority’s decision.
If the offering and listing of the company’s shares do not take place during this time. The approval is deemed revoke, according to Saudi News Agency.
Saudi Arabian energy business ACWA Power.
Intends to expand its presence in existing markets like Saudi Arabia, Morocco, Egypt, China, and CIS/Central Asia. It will focus particularly on solar and wind power.
The business is also looking at new water. Saudi Arabia’s Acwa Power desalination potential in water-scarce regions including Morocco, Egypt, and other North African nations.
In order to build large-scale projects at low levelized costs. The company collaborates with local partners and talent as well as Chinese EPC contractors.
The business is moreover the first to venture into green hydrogen, a promising source of sustainable energy.