PIF increases stake in ACWA Power to 50%

​The Public Investment Fund has announced that it has increased its ownership stake in ACWA Power from 33.36% to 50%. 

​The investment comes as part of PIF’s strategy to support the development of the renewable energy sector within Saudi Arabia and enable the growth of national champions to become regional and global leaders, while also realizing sustainable investment returns. It is expected that ACWA Power will play an integral role in the development of PIF’s renewable energy program.

Since its inception in 2004 in Saudi Arabia, ACWA Power has grown rapidly both domestically and internationally and evolved into one of the leading independent power generation and desalinated water producers in the world today. Contributing to the acceleration of energy transition and decarbonization of energy, ACWA Power relentlessly pursues its mission of reliably and responsibly delivering power and water at the lowest cost, consistently setting new global tariff benchmarks.

Including ACWA Power’s assets that are under construction, or in advanced development, 74 percent of the total gross capacity of ACWA Power’s portfolio is dedicated to clean and low carbon power technologies. 

 ​PIF’s relationship with ACWA Power was established in 2013 when PIF’s fully-owned subsidiary Sanabil Direct Investments Company initially invested in ACWA Power. The relationship was further developed in 2018 when PIF made its first direct investment in ACWA Power.