Saudi Arabia’s leading power developer Acwa Power plans a SAR 7.125bn ($1.9bn) rights issue “which will allow ACWA Power to anchor its growth strategy of tripling the assets under management by 2030 and enhance its financial position,” the firm announced in a 10 June filing to Saudi Arabia’s Tadawul exchange.

Acwa has a substantial legacy thermal powergen fleet, but ongoing and future investment comes as it spearheads Saudi Arabia’s massive renewables expansion plans (MEES, 31 May), as well as projects in Egypt (MEES, 26 January) and elsewhere in the region. (CONTINUED - 182 WORDS)