ACWA Power Plans to Raise Funds From Sukuk to IPO for Solar Push - Bloomberg

ACWA Power Plans to Raise Funds From Sukuk to IPO for Solar Push - Bloomberg:

"ACWA Power International plans to sell shares and Islamic bonds as the Saudi Arabian developer of generation facilities joins Middle East companies seeking to raise funds for expansion.
The company may offer $800 million from the sale of sukuk this year before an initial public offering on the Saudi exchange at the end of 2014, Chief Executive Officer Paddy Padmanathan told reporters in Dubai today. ACWA aims to start its first solar project in the kingdom this year, he said.
Saudi Arabia, the world’s largest crude oil exporter, plans to invest $100 billion in solar expansion. The kingdom is looking to renewable energy to help meet power demand, that Padmanathan says is growing nearly 10 percent a year, and to save crude for export."

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