ACWA looking to IPO “sooner rather than later”

ACWA considers IPO “sooner rather than later”: As talk of the anticipated Aramco IPO fades in the media, the focus is back on power plant developer ACWA. The Saudi firm, which boasts a strong portfolio of projects in Egypt, is considering an IPO “sooner rather than later” to help feed its growing need for cash, CEO Paddy Padmanathan tells Bloomberg. “Additional funds could come from partners taking equity stakes in projects, from additional debt and a revolving credit line ACWA has,’ he added. The firm needs USD 800 mn a year in cash to help fund its goals for developing USD 6-8 bn a year of electricity plants. Padmanathan did not reveal when the IPO would take place. ACWA has shown consistent interest in Egyptian energy opportunities, including renewables in the Benban solar park.