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Photo by Barnabas Davoti on Unsplash
ACWA Power to boost capital by $1.9b
It will help drive the company’s goal of tripling its assets by 2030.
The board of ACWA Power recommended increasing the company’s capital by $1.9b (SAR7,125) to support its asset growth and improve its financial position.
In a disclosure, ACWA Power said that raising its capital will drive its target to triple its assets under management by 2030.
“This Capital Increase will allow ACWA Power to continue to invest in the growth of its portfolio while maintaining a strong financial position,” it said.
Aside from this, the company also estimated its average annual equity commitment between 2024 and 2030 to $2b to $2.5b annually from the initial range of $1b to $1.3b yearly.
$1 = SAR3.75
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