Exclusive: Saudi Arabia's ACWA Power invites banks to arrange IPO - sources:
"Saudi Arabia’s ACWA Power IPO-ACPO.SE has invited banks to bid to arrange an initial public offer of its shares, which is expected to value the company at up to $1 billion, sources told Reuters on Wednesday.
ACWA Power, a developer of electricity and water projects in the Middle East, Africa and southeast Asia, sent a request for proposals to banks last week, the sources said, declining to be named because of the commercial sensitivity of the matter. The company did not immediately respond to a request for comment.
The firm could become one of the main beneficiaries of Saudi Arabia’s effort to develop its power industry, particularly renewable energy. It is looking to sell a 30 percent stake to investors and list in Riyadh, two banking sources said."
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