RIYADH - Saudi Arabian utility ACWA Power plans to raise 7.125 billion riyals ($1.90 billion) through a rights issue, the company said on Tuesday, which will be used to anchor its growth plans and enhance its financial position.

ACWA, a unit of the kingdom's sovereign wealth fund Public Investment Fund (PIF), said the issue "will allow ACWA Power to anchor its growth strategy of tripling the assets under management by 2030."

The transaction is subject to regulatory and shareholder approval, the company said in a regulatory filing.

($1 = 3.7501 riyals)

(Reporting by Pesha Magid; Editing by Sonali Paul)