ACWA Power Achieves 592% Oversubscription in Record Rights Issue

White & Case LLP, a global law firm, successfully advised the underwriters in a monumental rights issue for ACWA Power Company, amounting to SAR 7.125 billion. This significant capital raise is one of the largest in Saudi Arabia's history, involving the issuance of 33,928,570 new shares. The process saw intensive investor interest as 96.2 percent of shares were subscribed during the subscription phase, resulting in a 592 percent oversubscription for the rump placement. A notable 97 percent of rump share allocations were made to international investors, underscoring ACWA Power's global investment appeal despite volatile market conditions. The capital acquired will bolster ACWA Power's ongoing expansion into power generation, water desalination, and green hydrogen projects, alongside facilitating selective mergers and acquisitions. The firm's strategic objective is to secure US$250 billion in assets under management by 2030. White & Case's advisory team, led by notable partners from offices in Dubai, Riyadh, and London, played a pivotal role in this transaction.