Renewable

September 29 (Renewables Now) - Saudi Arabia-based International Company for Water and Power Projects, better known as ACWA Power, is considering selling green bonds in order to raise funds for some renewable energy projects requiring investments of roughly USD 10 billion (EUR 5.84bn).

The company’s CEO Paddy Padmanathan has told Reuters that the company will look at issuing green bonds in 2022 and beyond. Speaking on the sidelines of a finance conference in Riyadh, Padmanathan has explained that ACWA already has five projects certified for green finance but they need to become operational in order to show revenues needed for the bond issue.

ACWA Power is majority-owned by the Public Investment Fund (PIF) sovereign wealth fund. Earlier this month, the company unveiled plans to carry out an initial public offering (IPO) and list its shares on the main market of the Saudi stock exchange Tadawul. The deal, according to Reuters, will target up to USD 1.2 billion and value ACWA Power at around USD 10 billion.

At present, ACWA Power has 20.3 GW of electricity generating capacity and aims to double that to 41.6 GW within the next four years. The share of renewable energy in its total gross power capacity currently amounts to 33%.

(USD 1.0 = EUR 0.854)

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