IFC confirms $100 mln investment in Saudi's ACWA Power
DUBAI Aug 31 (Reuters) - International Finance Corp (IFC), a unit of the World Bank, has completed a 375 million riyal ($100 million) equity investment in Saudi Arabia-based water and power project developer ACWA Power IPO-ACWA.SE.
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. (1 US dollar = 3.7503 Saudi riyal) (Reporting by Nadia Saleem; Editing by David French)