Arabia Net _ Bloomberg News reported that the Aqua Power International Company of Saudi Arabia is seeking to collect up to 3.75 billion riyals (one billion dollars) from the sale of Sukuk compliant with the provisions of Sharia, according to informed sources quoted by the agency that did not receive a response from the company to these news.
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The sources said that the leading company in renewable energies, which is developing and operating power and water plants throughout the Middle East, Africa and Asia, is in talks with local banks in Saudi Arabia, about the potential sukuk deal that will be in Saudi riyals.
The sources said that “the funds will be used for the general purposes of the company.”
The CEO of the company, Paddy Padmanathan, said last February that the state-owned Saudi Public Investment Fund is set to increase its stake in Aqua Power from 25% to 45%.
This increase is expected to be a prelude to the company’s initial public offering in the Saudi stock market.
Last year, Aqua Power announced plans to invest $ 10 billion in 2020 as it looked to new projects in about 10 countries.
The company is building power and desalination plants, owns 50% of its portfolio in Saudi Arabia, and plans to expand into new markets.
Aqua Power has assets in 12 countries and has bid for renewable energy projects in 5 new countries: Ethiopia, Tunisia, Cambodia, Azerbaijan and Uzbekistan.
The company has won two renewable energy projects (in Ethiopia) this year, which will jointly produce 300 megawatts and will operate in parallel, with a total investment value of about $ 500 million.
The company also signed a contract worth $ 300 million this year to produce 200 megawatts in Azerbaijan.
Aqua Power is developing several new renewable energy projects in Indonesia, with an expected value of approximately $ 500 million.
Among the company’s plans is to expand its portfolio to include Jordan and Morocco, in addition to strengthening its operations in Saudi Arabia and the UAE.