DUBAI, March 5 (Reuters) - Saudi Arabia’s ACWA Power IPO-ACPO.SE has selected JPMorgan, Citigroup and Saudi Arabia’s NCB Capital to arrange the initial public offering of its shares, which could raise up to $1 billion, sources said.
ACWA Power, a developer of electricity and water projects in the Middle East, Africa and southeast Asia, is looking to sell a 30 percent stake to investors and list in Riyadh, banking sources have told Reuters.
An IPO is expected by the end of the year.
ACWA declined to comment and the banks did not immediately respond to Reuters requests for comments.
The firm could become one of the main beneficiaries of Saudi Arabia’s effort to develop its power industry, particularly renewable energy. (Reporting by Nawied Jabarkhyl, Saeed Azhar and Tom Arnold, editing by Davide Barbuscia)