ACWA Power at the starting of 2022, will issue green bonds for financing its renewable energy projects.
ACWA Power is partly owned by Saudi Arabia’s PIF sovereign wealth fund.
The company already has 5 projects certified for green finance, which together will require around $10 billion in financing.
“From a bond perspective, you need to have operating assets in order to be able to then show revenues in order to do the bond. So, we will get there,” ACWA’s CEO Paddy Padmanathan said.
“With this portfolio itself, there is a lot of opportunities for us to be looking at green bonds, and we definitely will be looking at it into 2022 and beyond,” he added.
Earlier this month, ACWA Power announced its intention to float on the Riyadh bourse in an initial public offering (IPO) that could raise more than $1 billion.
In August, ACWA Power and a consortium secured financing for Sudair Solar PV, a 1.5-gigawatt plant that is the first under the Public Investment Fund’s (PIF) renewables program.
The project is worth 3.4 billion riyals ($907 million), will be one of the largest single-contracted solar photovoltaic plants in the world and the biggest in Saudi Arabia said the company.