World Bank arm IFC invests US$ 100 mn in Saudi's ACWA Power
Posted on 8th July 2014
International Finance Corporation (IFC), part of the World Bank, has invested US$ 100 million into Saudi Arabian power plants operator ACWA Power through a subscription to a new share issue.
ACWA Power is a company set up by the Saudi government to encourage private sector investment into the Kingdom's power & water sector and owned by eight Saudi conglomerates, alongside the Kingdom's Public Investment Fund and the Saudi Public Pensions Agency.
The firm has also spread beyond the Kingdom, taking stakes in power plants across the MENA region including facilities in Oman, UAE, Jordan, Egypt, Turkey, Morocco and in parts of southern Africa and South East Asia.
In total, it now owns parts of plants in nine countries with a total capacity to produce 15,290 MW of power and 2.4 milion cubic meters of desalinated water per day.Back to all Construction News
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