Riyadh, Ramadan 10, 1435, July 07, 2014, SPA -- ACWA Power Company announced today the signing of a partnership agreement with International Finance Corporation (IFC), a member of World Bank Group, through the issuance of new ownership shares worth $ 100 million, equivalent to SR 357 million .
The Chairman of the Company's Board of Directors Mohammed bin Abdullah Abunyan said in a press statement today that the company added more than 15,000 megawatts of generating capacity of electric power in the past decade, noting that the Company is considered one of the largest owners and operators of desalination plants of saline sea water in the world, as well as in emerging markets.
He expressed his happiness to attract the IFC through its investment in ACWA Power Company, which is an investment in the Middle East and North Africa through a series of the Company's projects in a number of these states.
For his part, the Chief Executive Officer of ACWA Power Company, Paddy Padmanathan said that the IFC is an investment partner and one of the funders of many investment assets in the company's portfolio, pointing out that the Corporation and the Company are working in line with the provision of electricity and desalinated water at the lowest possible cost to support social and economic development of emerging economies, which the company has chosen to participate in the Middle East, Arab Orient, Africa and Southeast Asia in general, in addition to taking the initiative and playing a key role in expanding the base of the fuel mix used in the production of electricity to include renewable energy and focus on more efficient use of fuel, in particular.
For his part, IFC Director in the Middle East and North Africa Muayad Makhlouf pointed out that the partnership will help increase the capacity of power generation, which in turn will help meet the growing demand in emerging markets, especially in the Middle East and North Africa, noting that the success of ACWA Power in emerging markets should be an example to encourage more foreign direct investment outside the border, especially from the Gulf countries, to emerging countries inside and outside the region.
13:35 LOCAL TIME 10:35 GMT
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