Public Investment Fund to acquire a 17% stake in ACWA Power for $1.3bn.

Public Investment Fund to acquire a 17% stake in ACWA Power, developer, investor, co-owner and operator of a portfolio of power generation, renewable energy and desalinated water production plants, for $1.3bn. “It is with much pleasure that we announce the closure of this key transaction for the mutual benefit of the Company, its shareholders and the Kingdom as a whole. As one of the world’s largest sovereign wealth funds and a key contributor to the realisation of the Kingdom’s Vision 2030, the additional investment by the Public Investment Fund is a commitment to enabling national champions such as ACWA Power and a vote of confidence in our ability to deliver sustainable, resilient growth without compromising environmental stewardship, social responsibility and good governance," Mohammad Abunayyan, ACWA Power Chairman.