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Saudi fund raises ownership stake in ACWA power to 50% -statement

CAIRO, Nov 19 (Reuters) - A Saudi sovereign fund has increased its stake in ACWA Power to 50% from 33.6% as part of a move to support the renewable energy sector in Saudi Arabia.

The move by the Public Investment Fund came ahead of a planned initial public offering by ACWA Power, which is also leading a consortium that will build a major power project at Saudi Arabia’s flagship Red Sea tourism project. (Reporting by Ahmed Tolba and Hesham Abdul Khalek, writing by Saeed Azhar)

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