|
Riyadh-based ACWA Power, partly owned by Saudi's Public
Investment Fund (PIF), does not plan to become a manufacturer of
solar panels, but is "open to the idea of supporting and
enabling the right environment in the Kingdom to welcome in
manufacturers," a spokesman told Reuters.
SoftBank Chief Executive Masayoshi Son announced in March last
year a plan to invest in creating the world's biggest solar
power project in Saudi Arabia, a project expected to have the
capacity to produce up to 200 gigawatts (GW) by 2030.
The project is set to create thousands of jobs and develop a
manufacturing industry in line with Saudi Arabia's economic
diversification plans laid out in its Vision 2030.
ACWA Power plans to double its power production capacity by 2025
and to expand its operations to 25 markets from the current 12.
"We expect renewables to be a significant part of that growth,"
ACWA's CEO, Paddy Padmanathan said.
ACWA mandated banks last year to sell a 30 percent stake through
an initial public offering (IPO). Sources told Reuters at the
time that JPMorgan, Citigroup, Natixis and Riyad Capital had
been appointed to advise on that process.
Padmanathan said on Monday that the IPO was postponed as the
company had a lot of preparatory work to do and its balance
sheet had to be "positioned in the right way," but added that
the company is still committed to a listing, and the banks that
were mandated have retained their role.
(This story has been corrected to remove incorrect quote, change
headline and body to reflect ACWA is considering supporting
manufacturing, but does not plan to manufacture itself)
(Writing by Davide Barbuscia, editing by Louise Heavens)
[© 2019 Thomson Reuters. All rights
reserved.] Copyright 2019 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
 |
|
