The company pulled in strong investor interest in its first quarter — even as it reported a net loss in its first-ever quarterly results. ACWA Power has so far provided a good bet for investors seeking clean energy projects that align with the Kingdom’s efforts to diversify the economy. On debut the stock recorded a 30-percent hike after striking Saudi Arabia’s first initial public offering exceeding $1 billion since the oil giant Aramco listed in 2019.
The homegrown company currently owns 66 projects and is a long-term operator of power generation and water desalination projects worldwide.
The company's recent strategy is part of the Kingdom’s transition to renewable energy in line with Vision 2030.
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