Saudi Arabia-based Acwa Power has appointed a group of international banks to arrange fixed-income investor meetings for a potential US dollar-denominated bond sale.

Jefferies, Citi, CCB Singapore, Mizuho and Standard Chartered Bank will arrange meetings in Asia, Europe and the US starting from 24 November, reports news agency Reuters citing a document send by the power company to potential investors.

The company which has a portfolio of power generation and water desalination assets, is weighing plans to raise funds through a senior secured 144A/Reg S bond of benchmark size, a term which usually refers to debt sale of $500m or more.

Acwa representatives will meet investors until December 1 and the proceeds from the sale will be used for the prepayment of certain existing equity bridge and subordinated loan facilities, and for general corporate purposes of the Acwa Power Group, according to the report.

Public Investment fund (PIF), the main sovereign fund of the world’s biggest oil exporter Saudi Arabia, is also considering increasing its stake in Acwa to up to 35 per cent.

The PIF, which already owns a 13.7 per cent stake in Acwa through its subsidiary Sanabil, has tendered an advisory role to investment banks for the deal.

Other shareholders include the local Abunayyan Holding, the Washington-based International Finance Corporation (IFC) and the local Public Pension Agency (PPA).