Saudi utility firm ACWA Power will increase its capital by SR7.13 billion ($1.89 billion) amid efforts to anchor its growth strategy of tripling the assets under management by 2030.

According to a Tadawul statement, the funds will be generated through the issuance of right issues.

This move is expected to allow the company to continue investing in its portfolio progress while maintaining a strong financial position.

It also aligns with ACWA Power’s mission to reliably deliver electricity and desalinated water at a low cost, thereby contributing effectively to the sustainable, social, and economic development of communities and countries.

The bourse filing revealed that, in parallel with the new growth projections, the Saudi-listed company estimates its average annual equity commitment amount between 2024 and 2030 to significantly rise to between $2 billion and $2.5 billion, up from the earlier range of between $1 billion and $1.3 billion.

ARAB NEWS