Saudi Utility Plans $1.9 Billion Stock Sale to Fund Spending.

Saudi Arabia's Acwa Power Co. is planning to raise $1.9 billion by issuing stock to existing shareholders. The funds will be used to finance the company's plans to triple its assets by the end of the decade, including expansion into China and investment in renewables and green hydrogen projects. Acwa Power's shares have seen a significant increase since its listing in 2021. The company's fundraising efforts align with Saudi Arabia's goal of achieving carbon neutrality by 2060. The Saudi sovereign wealth fund, Public Investment Fund, owns 44% of Acwa Power. [Extracted from the article]