ACWA Power has welcomed IFC, a member of the World Bank Group as a shareholder upon the formal closing of the private placement transaction of a new issue of primary equity shares representing a total investment of $100 million (SR375 million), which is the largest equity investment in the infrastructure sector in the Middle East region.

Mohammed Abunayyan, chairman of ACWA Power, said: “ACWA Power is delighted that IFC has joined us as a new investor. Completing this transaction reinforces our shareholder development strategy of adding institutional shareholder depth and strength to ACWA Power, given the stature of IFC, a highly reputable multilateral institution committed to upholding ethical, social and environmental standards and relentlessly pursuing the objectives of placing capacity building and sustainability at the heart of all it does.” “The relationship between IFC and ACWA Power is of course not a new one, given that IFC is already either a co-investor or a lender in several assets with ACWA Power. This shareholding at ACWA Power itself is therefore being built on a solid platform of shared interests and well aligned commitment,” Abunayyan added. This partnership will help increase power generation capacity, which will help meet the increasing demand in emerging markets, especially in MENA, said Mouayed Makhlouf, IFC director for the MENA. ACWA Power’s success in emerging markets should set a strong example to encourage further cross-border foreign direct investments, especially from Gulf countries, to emerging countries within the region and beyond.

ACWA Power is reinforcing its focus on increasing fuel efficiency in electricity generation and desalinated water production and diversifying the fuel mix to also increasingly include renewable energy resources in nine countries in the MENA, Levant, Southern Africa and Southeast Asia regions.