The Public Investment Fund (PIF) of Saudi Arabia has acquired a 15.2 per cent stake in the International Company for Water and Power Projects (ACWA Power). ACWA Power is a developer, owner and operator of power generation and water desalination plants. While HSBC acted as the sole financial adviser to PIF, JP Morgan acted as the sole financial advisor to ACWA Power. PIF will now become a 15.2 per cent direct shareholder in ACWA Power. If the 9.78 per cent ownership of PIF’s wholly owned subsidiary, Sanabil Direct Investments Company, is considered, the state company will directly and indirectly represent a 24.98 per cent equity interest in ACWA Power. The proceeds will be used to support ACWA Power’s growth strategy and investment plans.