Saudi PIF-backed ACWA Power raises $750m from maiden sukuk
Published 16 Jun,2021 via Arab News - Economy RIYADH - ACWA Power, the utility developer backed by Saudi Arabia’s Public Investment Fund (PIF), on Tuesday announced it had raised SR2.8 billion ($750 million) from its first sukuk issuance.
The sukuk will have a seven-year tenor and was 1.8 times oversubscribed, the company said in a statement. Fund managers, government funds and insurance companies accounted for about 30 percent of investors.
Paddy Padmanathan, president and CEO of ACWA Power, said: “The success of the issuance is proof of the wider market’s faith in KSA’s bond market and ACWA Power’s strong credit fundamentals, which have attracted a diverse pool of sophisticated investors.”
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