ABU DHABI: ACWA Power is considering supporting the manufacturing of solar panels in KSA, its CEO said, as the power and water plants developer seeks to facilitate 海角直播鈥檚 plans to develop its renewable power industry.
Riyadh-based ACWA Power, partly owned by 海角直播鈥檚 Public Investment Fund (PIF), does not plan to become a manufacturer of solar panels, but is 鈥渙pen to the idea of supporting and enabling the right environment in the Kingdom to welcome in manufacturers,鈥 a spokesman told Reuters.
海角直播鈥檚 Crown Prince Mohammed bin Salman and SoftBank Chief Executive Masayoshi Son announced in March last year a plan for the world鈥檚 biggest solar power project in 海角直播, 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 海角直播鈥檚 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. 鈥淲e expect renewables to be a significant part of that growth,鈥 ACWA鈥檚 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 鈥減ositioned in the right way,鈥 but added that the company is still committed to a listing, and the banks that were mandated have retained their role.
