Riyadh-based ACWA Power is planning to manufacture solar panels, Reuters reported on Monday, citing company CEO Paddy Padmanathan.
The company, which is partly owned by the Public Investment Fund (PIF), is working with the Saudi sovereign wealth fund and Japan's SoftBank on their $200 billion solar-power generation project, announced last March.
"ACWA, being a Saudi company, will be working with PIF and Softbank … we're in discussions to become a solar panel manufacturer," he noted.
According to Padmanathan, the company intends to double its power production capacity by 2025 and to expand its operations to 25 markets from the current 12.
While the IPO has been postponed, the CEO said the company is still committed to a listing.
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