Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has taken a 15.2 percent direct stake in Riyadh-based ACWA Power, a developer and operator of power and water plants, the two announced in a joint statement on Wednesday. The PIF already owns a 9.8 percent stake in ACWA through a subsidiary, Sanabil Direct Investments Company, bringing its total shareholding in the company to 25 percent, the statement said. The investment will be in the form of a capital increase and proceeds will be used to "support ACWA's growth strategy and investment plan," it said.
