Saudi power and water project developer ACWA Power has revealed the beginning of a shift away from fossil fuel-driven holdings in its first financial filing since the runaway success of its recent IPO. The Riyadh-based company floated an 11.1 stake on Saudi bourse Tadawul last month in a highly successful process that raised $1.2 billion. The cost of the IPO, including a generous employee incentive scheme, was partially blamed for the SAR27 million ($7 million) net loss for Q3 announced on 10 November, compared to a SAR524 million ($140 million) profit in the same period the previous year. Operating income for the period stood at SAR573 million ($153 million), compared to SAR790 million ($211 million) in the same period the previous year.
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