Paddy Padmanathan, CEO of Acwa says the company is considering an IPO “sooner rather than later” to help finance the business. Chris Whiteoak / The National
Paddy Padmanathan, CEO of Acwa says the company is considering an IPO “sooner rather than later” to help finance the business. Chris Whiteoak / The National

Saudi Arabia's Acwa Power is keen on IPO to fund company's growth, CEO says



Saudi Arabia’s largest independent power plant developer is considering an initial public offering “sooner rather than later” to help feed its growing need for cash, according to the company’s chief executive.

Paddy Padmanathan estimated Acwa Power International needs about $800 million (Dh2.93bn) a year in cash to help fund its goals for developing $6 billion to $8bn a year of electricity generation plants. Additional funds could come from partners taking equity stakes in projects, from additional debt and Acwa's revolving credit line. He declined to put a date on when the IPO might go forward.

Acwa sold $814m of bonds last year and sees an IPO as a way to “add a new currency” to its efforts to finance the business. The move would also increase the transparency of the closely-held company, which is based in Riyadh, and has some 37 operating power plants across eight nations.

“An IPO is an option we will definitely utilise,” Mr Padmanathan said in an interview in London. “We want to bring the public into this business. We have a very capital hungry company.”

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Mr Padmanathan said that since Acwa delivers electricity and water, there is an “implicit contract” to be transparent in the way it works to communities it serves. Filing regular accounts required by stock exchanges would further that goal, he said.

Acwa’s operating projects are in Saudi Arabia, the UAE, Oman, South Africa, Jordan, Morocco, Turkey and Bulgaria. With nine additional plants it has under development, Acwa will add Oman and Egypt to the list of countries in which it operates.

Founded in 2004, the company has 22.5 Gigawatts of operating projects that required $30.5bn of investment. Mr Padmanathan estimates those facilities produce almost $300m a year of cash for Acwa. The company brings in partners to help fund the equity, but wants to maintain operational control at all its plants.

“We are an operator to the core,” the executive said. “We don’t need to own 100 per cent, but that’s the model we’re going to carry on.”

The Facility’s Versatility

Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
 
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
 
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
 
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
 
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
 
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket

Ten10 Cricket League

Venue and schedule Sharjah Cricket Stadium, December 14 to 17

Teams

Maratha Arabians Leading player: Virender Sehwag; Top picks: Mohammed Amir, Imad Wasim; UAE players: Shaiman Anwar, Zahoor Khan

Bengal Lions Leading player: Sarfraz Ahmed; Top picks: Sunil Narine, Mustafizur Rahman; UAE players: Mohammed Naveed, Rameez Shahzad

Kerala Kings Leading player: Eoin Morgan; Top picks: Kieron Pollard, Sohail Tanvir; UAE players: Rohan Mustafa, Imran Haider

Pakhtoons Leading player: Shahid Afridi; Top picks: Fakhar Zaman, Tamim Iqbal; UAE players: Amjad Javed, Saqlain Haider

Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah

Team Sri Lanka Cricket Will be made up of Colombo players who won island’s domestic limited-overs competition

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Director: Karyn Kusama

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Rating: 3/5 

UAE release: January 31 

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The specs

Engine: 6.2-litre V8

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German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
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Source: Federal Office for the Protection of the Constitution

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Fixtures (all in UAE time)

Friday

Everton v Burnley 11pm

Saturday

Bournemouth v Tottenham Hotspur 3.30pm

West Ham United v Southampton 6pm

Wolves v Fulham 6pm

Cardiff City v Crystal Palace 8.30pm

Newcastle United v Liverpool 10.45pm

Sunday

Chelsea v Watford 5pm

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Arsenal v Brighton 7.30pm

Monday

Manchester City v Leicester City 11pm

 

 

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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

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Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

MATCH INFO

Juventus 1 (Dybala 45')

Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')

Red card: Rodrigo Bentancur (Juventus)

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MATCH INFO

Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)

TV: BeIN Sports

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
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