K&A advises ACWA Power on significant stake acquisition by PIF

RIYADH –Khoshaim & Associates have advised the International Company for Water and Power Projects (ACWA Power) on its issuance and sale of 15.2% of ACWA Power’s issued share capital, to the Public Investment Fund (PIF) in the Kingdom of Saudi Arabia. The entire investment was in the form of a capital increase and the proceeds are to be used to support ACWA Power’s growth strategy and investment plan.

ACWA Power is one of the Kingdom’s leading developers, owners, and operators of power generation and desalination plants with assets and projects spread over ten countries. The investment is in line with the PIF’s investment program, to unlock new sectors and industries, to support and accelerate the development of innovative Saudi businesses and achieve strong long-term returns.

Advising ACWA Power was a team led by Managing Partner, Zeyad Khoshaim, and Senior Associate, Leen Zaza, along with Associate Hussain Alshammasi, and Trainee Associate, Rakan AlYusuf. JP Morgan acted as financial advisor to ACWA Power, and HSBC as financial adviser to PIF.

Paddy Padmanathan, Chief Executive Officer of ACWA Power, said:

“The investment by PIF reflects its commitment to the Kingdom of Saudi Arabia’s energy transition plans of diversification of the fuel mix in power generation including the introduction of significant renewable energy capacity and the expansion of much needed additional power generation and desalinated water production capacity.”

Zeyad Khoshaim, Managing Partner of K&A, said:

“We are pleased to have acted for ACWA Power on this landmark and complex transaction. I am really proud of the depth and breadth of the K&A team. They really did a stellar job under significant time pressure for what was a complex M&A deal.”