Saudi Arabia’s sovereign wealth fund is reportedly in talks to acquire a 10% stake in Saudi energy firm Acwa Power International, according to a report in Bloomberg.
The Public Investment Fund’s investment comes at a time when the energy firm is planning to raise more than $1 billion through an initial public offering.
Acwa has also been boosted by the news that it has won the tender for Saudi Arabia’s first utility scale solar energy project, a 300 Megawatt plant at Sakaka in the northern area of Al Jouf which is expected to cost more than $300 million.
Saudi Arabia is planning to tender around 4GW of renewable projects as it looks for alternative sources to meet the demand for more electricity and to free up more crude oil for export.
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