RIYADH: Saudi Arabia’s ACWA Power has struck a deal to build the largest wind power plant of its kind in Central Asia and one of the largest in the world.
The plant has a production capacity of 1500 MW in Karakalpakstan, in the northwest of Uzbekistan
“ACWA Power now produces about 42 gigawatts of renewable energy inside and outside Saudi Arabia, and looks forward to doubling this number in the future,” Chairman Mohammed Abunayyan told Asharq Business.
The agreement with Uzbekistan aims at benefiting from high global demand for renewable energy and the company’s desire to expand in Asia and Africa, he said.
The project is expected to meet the energy needs of nearly 4 million housing units and reduce about 2.5 million tons of carbon dioxide emissions annually. This is consistent with the Uzbek government’s goals of generating 30 percent of the country’s energy needs from renewable sources by 2030.
ACWA Power implements largest wind power plant in Central Asia
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ACWA Power implements largest wind power plant in Central Asia
- The project is expected to meet the energy needs of nearly 4 million housing units and reduce about 2.5 million tons of carbon dioxide emissions annually
New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries
RIYADH: The Saudi Capital Market Authority has launched a draft regulation for the direct listing of subsidiaries of companies already listed on the main market, inviting stakeholders to provide feedback over a 30-day period, according to a statement issued today.
The proposed framework aims to allow subsidiaries of main-market companies to list their shares directly on the main market without undergoing an initial public offering, thereby shortening timelines, streamlining procedures, and reducing the costs associated with listing on the Saudi stock market.
It also seeks to create more investment opportunities in the Saudi financial market, contributing to market depth and product diversification, while maintaining high levels of transparency and protecting investors’ rights.
The proposals enable the issuer and its financial advisor to share information about the company and its financial statements with a select group of potential investors before obtaining CMA approval for the share registration request, allowing them to assess their interest in a direct listing on the main market.
They also allow a specific group of licensed financial advisory firms to prepare research and financial reports, provided these are not published before CMA approval.
The proposed framework emphasizes the importance of proper disclosure by setting out requirements for registering shares on the main market, including submitting a registration document to the CMA.
It also specifies the information that must be included in the registration document, such as the method for determining the reference share price and the risks associated with this method.
Under the draft regulation, securities offering rules, ongoing obligations, and the CMA’s glossary of terms and regulations will be updated to allow this type of listing.
This approach is expected to bring multiple benefits, including maximizing the overall value of the main market with lower risk by listing companies that have greater knowledge and experience of market regulations, as well as deepening the market by increasing the number of listed companies across multiple sectors.
