Saudi Utility Giant Plans $1.9-Billion Rights Issue to Boost Growth

ACWA Power, a major utility in Saudi Arabia, plans to raise as much as $1.9 billion via a rights issue to fund its plan to triple its assets under operation by 2030, the company said in a stock exchange filing on Tuesday. ACWA Power’s board recommended that the utility increase its capital by $1.9 billion (7.125 billion Saudi riyals) through the Offering of a Rights Issue—selling more shares to existing shareholders. The proceeds from the offering are set to allow ACWA Power “to anchor its growth strategy of tripling…