Saudi Arabia’s Capital Market Authority approved an application by ACWA Power, the kingdom’s renewable energy leader, to sell an 11.1% stake in an initial public offering.
ACWA Power, also known as International Co. for Water and Power Projects, will offer 81.2 million shares in the IPO, the market authority said in a statement Wednesday. The regulatory approval is valid for six months.
The kingdom’s sovereign wealth fund holds a 50% stake in the company, which is at the forefront of Crown Prince Mohammed bin Salman’s plans to turn the world’s largest crude exporter into a renewable energy powerhouse. ACWA Power is involved in building a $5 billion green hydrogen plant at the prince’s flagship megaproject, a futuristic city-from-scratch called Neom.
While Saudi Arabia produces one-eighth of the world’s oil supply, its operational renewable energy capacity is small by regional standards.
Riyadh has been the hottest market for IPOs in the Middle East over the past two years, with new offerings oversubscribed, mostly by local retail and institutional investors. In 2019, the bourse hosted the $29 billion offering of the world’s biggest oil producer, Saudi Aramco, with shares being sold mostly to Saudi investors seeking guaranteed dividends.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience in implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor in this space. Stuart has led the “Total Corporate Digital Integration” platform at Sandstone and works with Sandstone clients to help integrate all aspects of modern digital business. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage and is the Co-Host of the energy news video and Podcast Energy News Beat.
Stuart is on Board Member of ASN Productions, DI Communities
Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.
