Riyadh-based ACWA Power, partly owned by Saudi Arabia’s Public Investment Fund (PIF), does not plan to become a manufacturer of solar panels, but is “open to the idea of supporting and enabling the right environment in the Kingdom to welcome in manufacturers,” a spokesman told Reuters.
FASTFACTS
Saudi Arabia’s Crown Prince Mohammed bin Salman in March 2018 signed a memorandum of understanding with SoftBank to establish the largest solar power plant in the world. The agreement laid out plans to produce 200 gigawatts in Saudi Arabia by 2030 — enough to power 140 million homes, according to reports.
Saudi Arabia’s Crown Prince Mohammed bin Salman and SoftBank Chief Executive Masayoshi Son announced in March last year a plan for the world’s biggest solar power project in Saudi Arabia, a project expected to have the capacity to produce up to 200 gigawatts (GW) by 2030.
The project is set to create thousands of jobs and develop a manufacturing industry in line with Saudi Arabia’s economic diversification plans laid out in its Vision 2030.
ACWA Power plans to double its power production capacity by 2025 and to expand its operations to 25 markets from the current 12. “We expect renewables to be a significant part of that growth,” ACWA’s CEO, Paddy Padmanathan said.
ACWA mandated banks last year to sell a 30 percent stake through an initial public offering (IPO). Sources told Reuters at the time that JPMorgan, Citigroup, Natixis and Riyad Capital had been appointed to advise on that process.
Padmanathan said on Monday that the IPO was postponed as the company had a lot of preparatory work to do and its balance sheet had to be “positioned in the right way,” but added that the company is still committed to a listing, and the banks that were mandated have retained their role.
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