Riyadh-based ACWA Power is planning to raise about $1 billion by selling sukuk early next year, Bloomberg reported, citing people familiar with the matter.
The sukuk will be used to help fund the company's share of an $8 billion acquisition of gasification and power assets at Jazan on the Kingdom's west coast.
ACWA Power appointed the Saudi unit of HSBC Holdings Plc and Samba Capital to advise on the issuance, the report noted.
On Sunday, company chairman Mohammad Abunayyan said that firm is expected to offer part of its shares in an initial public offering (IPO) in 2021.
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