The French investment corporate bank Natixis and Saudi Arabia’s investment banking Riyadh Capital are also selected to facilitate IPO for the energy company.

ACWA Power has built a wide portfolio as developer, investor, co-owner and operator of power generation and water projects in the Middle East, Africa and Southeast Asia, according to Energy World. The company is hoping to sell 30% stake to investors.

Public Investment Fund of Saudi Arabia is close to deciding an agreement with ACWA Power to buy 10% stake in the company. It is said the IPO could be one of the first major listings to encourage foreign investor participation in the country.

Based on reports, ACWA Power’s generation capacity holds over 22 GW of power, with more than US$30bn investments.

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