ACWA Power’s Padmanathan outlines acquisition plans

ACWA Power has stated an interest in acquiring parts of Saudi Arabia’s Saline Water Conversion Corporation when it privatises in 2018, reports The National.

The Riyadh, Saudi-based company would also look to buy a stake in Saudi Electricity Company (SEC).

“SEC and SWCC privatisation are of great interest for us and we very much like to participate and secure our share,” ACWA Power chief executive Paddy Padmanathan told the Middle East news outlet.

ACWA Power, whose portfolio of power and water assets is reportedly worth $35 billion, sees the privatisations as an opportunity to help double its size within three years. A flotation may also be on the horizon for ACWA Power in the second half of 2018.