Shareholders of Saudi’s Acwa Approve $1.9 Billion Rights Issue

Saudi Arabia’s Acwa Power Co. will proceed with its 7.1 billion riyals ($1.9 billion) rights issue after gaining the approval of its shareholders, marking a key step in its plan to fund an aggressive expansion in renewable and clean energy projects.

The company will offer about 34 million shares at 210 riyals a piece. Shareholders met on Monday and approved the plan, according to a statement.