Saudi ACWA Power Sells Stake in Rabigh IWSPP
In a bold move, Saudi-listed ACWA Power has agreed to sell 30 percent of its stake in the Rabigh Independent Water Steam and Power Project to Hassana Investment Co. for an impressive SR844 million ($225 million).
Parties Involved in the Deal
The deal included players like Oasis Power One Conventional Energy and Water Co. and Gosi Investment Ventures Limited, as disclosed by ACWA Power in a recent bourse filing.
Rabigh IWSPP Project Details
The Rabigh IWSPP is owned and operated by Rabigh Arabian Water and Electricity Co., a joint venture between ACWA Power, Marubeni Corp., JGC Corp., and Petro Rabigh. The project, arranged under an engineering, procurement, and construction contract by Mitsubishi Heavy Industries, features conventional thermal power with impressive infrastructure including steam turbines, steam generators, flue gas desulphurization units, and reverse osmosis trains.
ACWA Power’s Strategic Move
ACWA Power highlighted that the sale is part of its capital recycling strategy. The company previously held a 99 percent shareholding in the project and expects to benefit from this divestment.
Future Ventures for ACWA Power
On a separate note, ACWA Power signed an agreement with the Tunisian government for a groundbreaking project that aims to produce green hydrogen for export to Europe. The project will involve developing renewable energy generation units, storage systems, water desalination plants, and more to support the production of green hydrogen.
First Phase of the Project
The first phase will focus on installing renewable energy units, electrolyzer capacity, and battery storage facilities to produce green hydrogen for export through the SoutH2 Corridor, a hydrogen pipeline initiative connecting Tunisia to key European countries.