IFC completes $100 million investment in ACWA Power

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
IFC completes $100 million investment in ACWA Power

The International Finance Corp (IFC), a unit of the World Bank, has completed a $100 million equity investment in Saudi Arabia-based water and power project developer ACWA Power.

The investment will boost the amount of funding for renewable energy projects to help meet growing power demand in the Middle East and Africa, IFC said in a statement. IFC had initially disclosed plans in July for the investment.

ACWA aims to complete a stock market flotation by early 2015, having chosen the investment banking arm of Banque Saudi Fransi to arrange the listing.

IFC’s investment will support ACWA Power’s plans to expand into emerging markets where demand for power has prompted governments to plan for heavy investment in the power sector, especially renewable energy, over the next decade. ACWA Power will continue to seek Greenfield power projects, including thermal and renewable energy projects, within the Gulf Cooperation Council (GCC) and wider Middle East and North Africa (MENA) countries.

IFC began working with ACWA in 2011, when it financed the company’s expansion into Jordan. IFC is also considering investing with ACWA Power in the 160 megawatt Noor 1 project, in Ouarzazate, Morocco, which is the largest concentrated solar power project in the developing world.

List of country news

Country news

  • September 12, 2014

    Dana Gas closes financing for Zora gas field development

    Dana Gas, the Middle East’s natural gas company, has secured, through its wholly owned subsidiary Dana Gas Explorations FZE, a US$100 million term facility for the Zora Field development project in Sharjah, United Arab Emirates Read more
  • October 02, 2014

    Dubai's shortlists 8 teams for phase 1 Hassyan coal power project

    Dubai Electricity and Water Authority (Dewa) has shortlisted 8 out of of 17 international developers that had submitted qualification documents to develop the 1200MW first phase of the Hassyan Clean Coal Power IPP project. Read more
  • October 13, 2014

    GDF, ADWEA reach financial close on Mirfa IWPP

    GDF Suez and the Abu Dhabi Water and Electricity Company (ADWEC) have reached financial close on the Mirfa Independent Water and Power (IWPP) project. Read more
  • March 12, 2015

    ACWA Power and TSK to sign financing for Dubai solar project

    Saudi Arabia’s ACWA Power is negotiating a loan of about $344 million from three banks to finance a solar energy project in Dubai, according to its chief executive Paddy Padmanathan. Read more
  • March 27, 2015

    ACWA Power and TSK sign PPA for 260 MWp Solar PV IPP project

    The consortium composed by ACWA Power and TSK has signed a power purchase agreement (PPA) for the 260 MWp Second phase of Mohammad Bin Rashid Al Maktoum Solar Park in Dubai. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.