Acwa Says Interested in 1MDB Power Assets But Not Shortlisted

Acwa Power International, the Saudi Arabian energy producer, is interested in participating in a process for the sale of power plants by state-owned 1Malaysia Development Bhd. but it has not been shortlisted to submit final offers, it said in a statement today.

"While ACWA Power is interested in participating in a transparent process for this transaction, ACWA Power confirms that it was not invited by 1MDB to make any final offer nor, to the best of its knowledge, is on a shortlist of bidders for the same." according to Acwa’s e-mailed statement.

Acwa, along with three other parties, have been shortlisted by the debt-ridden Malaysian investment firm to submit final offers for its power assets which may fetch as much as $1.8 billion, people familiar with the plan said Sept. 23. The sale is part of 1MDB’s plan to dismantle its assets after it drew criticism from lawmakers for rising borrowings that totaled 41.9 billion ringgit as of March 2014.

Riyadh-based Acwa is a developer and operator of power generation and desalinated water production plants and is currently present in 12 countries in the Middle East and North Africa, Southern Africa and South East Asia regions. The company’s power portfolio has an investment value of more than $26 billion, according to the statement.

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