World Bank unit completes investment in Saudi-based water and power project developer
International Finance Corp (IFC), a unit of the World Bank, has completed a SR375 million ($100 million) equity investment in Saudi Arabia-based water and power project developer ACWA Power.
The investment will boost the amount of funding for renewable energy projects to help meet growing power demand in the Middle East and Africa, IFC said in a statement carried by the WAM news agency. IFC had initially disclosed plans in July for the investment.
ACWA aims to complete a stock market flotation in the kingdom by early 2015, having chosen the investment banking arm of Banque Saudi Fransi to arrange the listing, an executive confirmed in May.