News

IPP

Staff Reporter

, Saudi Arabia

Published:

6 months ago

Photo by Matthew Henry on Unsplash

ACWA Power sells 30% stake in RAWEC to Hassana

The company holds a 99% stake in the independent water, steam and power producer.

Saudi-based ACWA Power signed a share purchase agreement with the Hassana Investment Company to turn over 30% of its stake in Rabigh Arabian Water & Electricity Company (RAWEC).

In a statement, ACWA Power said the transaction was valued at around $225m (SAR844m).

“This transaction not only reflects our commitment to our capital recycling strategy by introducing valuable partners at the project level but also underscores our dedication to creating significant value for our stakeholders,” said ACWA Power CEO Marco Arcelli.

“We look forward to a productive collaboration with Hassana Investment Company as we continue to drive sustainable growth and innovation in the utility sector," he added.

ACWA Power owns a 99% stake in the independent water, steam and power producer that supplies utilities to Petro Rabigh.

$1 = SAR3.75

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