Advisement provided by our law firm on the significant rights issue by ACWA Power Company
ACWA Power Completes Record-Breaking SAR 7.125 Billion Rights Issue
In a significant development for the Saudi capital market, ACWA Power Company successfully completed a SAR 7.125 billion rights issue in 2025, marking one of the largest equity capital raises in the market's history [1][3]. The offering, which attracted exceptional investor interest, saw a 96% subscription rate and a staggering 592% oversubscription in the rump placement [1][3].
The proceeds from this rights issue will be instrumental in propelling ACWA Power's growth, particularly in the sectors of power generation, water desalination, and green hydrogen [1][3][4]. The company aims to leverage these funds to expand its existing projects and pursue selective mergers and acquisitions, with the ultimate goal of increasing its asset base from $117 billion to a colossal $250 billion by 2030, aligning with Saudi Arabia's Vision 2030 ambitions for a diverse and sustainable energy future [1][3][4].
The strong international investor interest in the rights issue is evident, with 97% of the remaining shares allocated to international investors, underscoring ACWA Power's global appeal despite market volatility [1][3].
The underwriting syndicate for the issue was led by SNB Capital, J.P. Morgan Saudi Arabia, and Citigroup Saudi Arabia [3]. The global law firm White & Case LLP acted as the legal advisor to the underwriters, with a team led by partners Sami Al-Louzi (Dubai) and Majed Alkuraydis (Riyadh), assisted by partners from London and Dubai and associates from Dubai and Riyadh offices [3].
The White & Case team also included partners Laura Sizemore, Inigo Esteve (both London), and Roger Gaspard (Dubai), who specialize in Capital Markets, Life Sciences and Healthcare, Mining & Metals, Financial Institutions, and Technology, respectively [3]. Husam Azhar, a specialist in Capital Markets and Mergers & Acquisitions, and Cassy Raby, who specializes in Capital Markets, Mergers & Acquisitions, and Private Capital, were also part of the team [3].
This rights issue underscores ACWA Power's strong investor confidence, both locally and internationally, and positions the company for accelerated growth in the renewable energy and water infrastructure sectors [1][3][4].
[1] ACWA Power Completes SAR 7.125 Billion Rights Issue
[2] White & Case Advises on ACWA Power Company's SAR 7.125 Billion Rights Issue
[3] White & Case
[4] Saudi Arabia's Vision 2030
- The successful completion of ACWA Power's SAR 7.125 billion rights issue in 2025 signals a significant milestone in the Saudi capital markets.
- The record-breaking equity capital raise attracted exceptional interest, achieving a 96% subscription rate and a whopping 592% oversubscription in the rump placement.
- The proceeds from this rights issue will facilitate ACWA Power's growth, supporting its expansion in sectors like power generation, water desalination, and green hydrogen.
- As part of its strategy, ACWA Power aims to increase its asset base from $117 billion to $250 billion by 2030, in line with Saudi Arabia's Vision 2030 for a diverse and sustainable energy future.
- The strong international investment interest in the rights issue is evident, with 97% of the remaining shares allocated to international investors, highlighting ACWA Power's global appeal.
- White & Case LLP served as the legal advisor to the underwriters of the rights issue, with partners Sami Al-Louzi (Dubai) and Majed Alkuraydis (Riyadh) leading the team, assisted by partners from London, Dubai, and associates from Dubai and Riyadh offices.
- The White & Case team's specialties range across Capital Markets, Life Sciences and Healthcare, Mining & Metals, Financial Institutions, Technology, as well as Capital Markets, Mergers & Acquisitions, and Private Capital.
