Saudi-Backed Funds Buy Into ACWA Power

Law360, New York (January 14, 2013, 4:40 PM EST) -- Two government-owned Saudi Arabian funds have purchased a combined 19.4 percent interest in electricity project developer ACWA Power International for an undisclosed price, ACWA announced Saturday.

The company, which has invested more than $17 billion in Saudi Arabia's power and water industries since its founding in 2004, said it had issued 89.5 million primary equity shares to Sanabil Direct Investment Co. — owned by state-owned Saudi Arabian Investment Co. and the Public Investment Fund — and Saudi Public Pension Agency.

The deal gives Sanabil a 13.72...
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