ACWA Power announces first closing of Powervest Fund

Saudi Arabia's International Company for Water & Power Projects (ACWA Power) has announced the closing of the Powervest Fund with commitments of SR596 million ($159 million).

The fund is a 12-year closed ended privately placed fund managed by SAMBA Capital & Investment Management Company (SAMBA Capital).

The fund has the right to co-invest with ACWA Power in various projects in the conventional power generation and water desalination space across ACWA Power investment regions.

Additionally, the fund will become the first Shariah-compliant specialized infrastructure investment vehicle in Saudi Arabia.

Paddy Padmanathan, president and CEO of ACWA Power, stated:

“ACWA Power is proud to have attracted such a strong group of financial and strategic partners of high repute into this captive co-investment fund.”

The investors in the fund include Arab Petroleum Investment Corporation (APICORP), Public Investment Fund (PIF), Saudi Aramco Investment Management Company (SAIMCO), The Arab Investment Company (TAIC) and the Islamic Development Bank (IDB).

Rajit Nanda, chief investment officer of ACWA Power, said:

“The first closure of a very unique co-investment and partnership initiative once again demonstrates ACWA Power’s willingness and ability to engage with multiple ‘best in class counterparties’ and overcome multiple challenges toward achieving innovative solutions to sustain its growth.”