ACWA says investor pitch well received as it gears up for IPO

ACWA Power, one of Saudi Arabia’s main vehicles for building renewable energy projects, said meetings with potential investors ahead of an initial public offering have gone “very well.” The company, half-owned by the kingdom’s sovereign wealth fund, is pushing ahead with an IPO it’s been discussing for years, CEO Paddy Padmanathan said in an interview with Bloomberg TV. Over the next five years, the company will double the amount of power it generates, mostly from renewable sources amid a global shift away from burning fossil fuels, he said.