IFC funds $100 million in ACWA Power

Finance and Related Services

Saudi Arabia-based ACWA Power gets $100 million cash injection from the International Finance Corporation (IFC), a private sector branch of the World Bank, through a subscription to a new share issue.

International Financial Corporation (IFC), which is already a lender and co-investor with ACWA in several major projects, has signed up to acquire newly issued shares in the company.

Saudi government established ACWA Power with a view to strengthen private sector investment into Kingdom’s power & water sector.

It is owned by eight Saudi conglomerates, beside the Kingdom's Public Investment Fund and the Saudi Public Pensions Agency.

The firm has also extended beyond the Kingdom, taking shares in power plants throughout the MENA region involving facilities in UAE, Oman, Egypt, Jordan, Morocco, Turkey and in parts of Southern Africa and South East Asia.Read complete story at http://www.tendersontime.com/blog-detail/ifc-funds-100-million-acwa-power-136.php