ACWA Power was out revising its IPO expectations to $1.2b a few weeks ago, and now it’s out and about with its retail offering that started yesterday. The Saudi-based energy provider is pricing its shares at around $15 per share and roughly 11.7% of the company is up for grabs. The initial retail offering is expected to last up until October 1st, with Saudi Arabia’s sovereign wealth fund (SWF) PIF set to come out post-listing with a 44% ownership.

PIF’s ownership is a sign that ACWA is a key component in the nation’s plan to diversify its energy sector and increase renewable energy production. Amidst the IPO news, the company also announced that it’ll be considering the sale of green bonds from 2022 onwards — which will be focused on raising funds for renewable energy projects worth around $10b. In addition, ACWA has also finalized an agreement with Saudi Aramco and two other partners for a $12b hydrogen-powered clean energy project in the country’s city of Jazan.