July 09, 2018 — Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has acquired a 15.2 percent direct stake in ACWA Power, a producer and operator of power and water plants. PIF subsidiary Sanabil Direct Investment Company currently holds a 9.8 percent stake in ACWA Power, bringing PIF’s total shareholding to 25 percent. PIF’s investment into ACWA Power will be in the form of a capital increase. In February 2018, ACWA was awarded a 300MW solar project in Saudi Arabia by the country’s Renewable Energy Project Development Office.
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