ACWA Power hires financial advisors for capital hike

ACWA Power Co. appointed Citigroup Saudi Arabia, SNB Capital, and J.P. Morgan Saudi Arabia as financial advisors on Aug. 31.
They will advise on the company’s rights issue to raise capital.

The planned capital hike will support the company’s new growth strategy approved in 2023, which aims to triple operations by 2030.

In June, the utility’s board of directors recommended raising the company’s capital by SAR 7.12 billion by way of a rights offering, Argaam earlier reported.