ACWA Power is expected to play an integral role in the development of PIF’s renewable energy program, the Kingdom's sovereign wealth fund said in a statement to Argaam.
“PIF’s increased stake is an endorsement of ACWA Power’s ambition and progress. PIF is a long-term investor and is committed to actively enable the development of key economic sectors, such as Renewables, in Saudi Arabia,” a spokesman for the fund said.
"We believe that ACWA Power will play a significant role in both driving and diversifying economic growth in the future – while also providing enduring commercial return for the people of the Kingdom. We are proud to be part of this company’s long-term development,” he added.
Mohammad Abunayyan, Chairman of ACWA Power, said: “It is with much pleasure that we announce the closure of this key transaction for the mutual benefit of the company, its shareholders and the Kingdom as a whole. As one of the world’s largest sovereign wealth funds and a key contributor to the realisation of the Kingdom’s Vision 2030, the additional investment by the Public Investment Fund is a commitment to enabling national champions such as ACWA Power and a vote of confidence in our ability to deliver sustainable, resilient growth without compromising environmental stewardship, social responsibility and good governance.”