Saudi Arabia's Acwa Power aims to double its renewable energy portfolio in the coming years as the company prepares to go public and raise more funds to fuel its growth amid higher demand for clean energy.
“Within the next five years, we will double our current portfolio and much of that will be renewable energy,” Acwa Power’s chief executive Paddy Padmanathan told Bloomberg television on Monday. The company will increase its renewable energy capacity to 40 gigawatts in the period from 20 gigawatts currently, he added.
Acwa Power is proceeding with its initial public offering and will list 11.1 per cent of its shares on Saudi Arabia’s Tadawul stock exchange, it said last week. The Riyadh-based company will use the net proceeds of the offering to further strengthen its balance sheet and fund future projects in the energy and water desalination sectors.
Mr Padmanathan said the meetings with potential investors ahead of the IPO have gone “very well”.
“Investors that we have engaged with in pre-IPO presentations have received us very well,” he said. “With our own established capability, capacity and track record to drive the energy transition and reduce the cost of desalinated water”, we are in “the right place at the right time”.
Acwa Power operates in 13 countries across the Middle East, Africa and South-east Asia. It has a portfolio of 64 assets with a total investment of $66 billion, producing 42 gigawatts of power and 6.4 million cubic metres per day of desalinated water.
The kingdom’s sovereign wealth fund, the Public Investment Fund, is the biggest shareholder in the company, with a 50 per cent stake. Acwa Power has eight other stakeholders, including the Saudi Public Pension Agency.
The company will also be looking at acquisition opportunities as it “steps into new markets”, Mr Padmanathan said, without divulging details.
Earlier this year, Acwa Power signed an agreement with the government of Uzbekistan to develop two wind power plants in the country's Bukhara and Navoi regions with a total capacity of 2.5 gigawatts. It is also developing a 240-megawatt wind plant in Azerbaijan.
Acwa Power's listing will be one of the biggest in the region's energy industry after Saudi Aramco, the kingdom's oil company.
The company also raised 2.8bn Saudi riyals ($746 million) through the issuance of a seven-year sukuk, or Islamic bond, in June as the company continues to diversify its sources of funding to support its growth.
THE SPECS
Engine: AMG-enhanced 3.0L inline-6 turbo with EQ Boost and electric auxiliary compressor
Transmission: nine-speed automatic
Power: 429hp
Torque: 520Nm
Price: Dh360,200 (starting)
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
The years Ramadan fell in May
Story of 2017-18 so far and schedule to come
Roll of Honour
Who has won what so far in the West Asia rugby season?
Western Clubs Champions League
Winners: Abu Dhabi Harlequins
Runners up: Bahrain
Dubai Rugby Sevens
Winners: Dubai Exiles
Runners up: Jebel Ali Dragons
West Asia Premiership
Winners: Jebel Ali Dragons
Runners up: Abu Dhabi Harlequins
UAE Premiership Cup
Winners: Abu Dhabi Harlequins
Runners up: Dubai Exiles
Fixtures
Friday
West Asia Cup final
5pm, Bahrain (6pm UAE time), Bahrain v Dubai Exiles
West Asia Trophy final
3pm, The Sevens, Dubai Hurricanes v Dubai Sports City Eagles
Friday, April 13
UAE Premiership final
5pm, Al Ain, Dubai Exiles v Abu Dhabi Harlequins
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
COMPANY%20PROFILE
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