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International Company for Water & Power Projects (ACWA Power), a leading developer, owner and operator of independent power generation and water desalination plants, and Arab Petroleum Investments Corporation (APICORP), a multilateral development bank established by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), has announced the signing of a sale and purchase agreement in respect of an eight percent effective stake in Shuqaiq Independent Water and Power Project (Shuqaiq IWPP) in ��������Ƶ.
Under the terms of the agreement, APICORP shall purchase a 13.33 percent equity stake in Shuqaiq International Water Company (SIWEC), thereby giving them an eight percent effective stake in Shuqaiq IWPP.
Shuqaiq IWPP is one of ACWA Power’s early greenfield developments in ��������Ƶ. Located on the western shores of ��������Ƶ, 130 km north of Jazan, the plant has a capacity to generate 850 MW of power and 212,000 cubic meters of desalinated water per day.
The project achieved financial close in 2007 and started commercial operations in 2011. It has a 20-year power and water purchase agreement with Water & Electricity Company, ��������Ƶ.
Prior to this transaction, ACWA Power had a 40 percent effective stake in the project, after having acquired a six percent effective stake in 2014 from Mitsubishi Corporation, Japan, to add to its original 34 percent effective stake in the project.
This transaction complements the Memorandum of Understanding for a co-investment initiative signed by APICORP and ACWA Power in 2014, suggesting close collaboration in various projects in the fields of power generation and water desalination across the core geographies of ACWA Power.
Raed Al-Rayes, deputy chief executive and general manager of APICORP, said: “Shuqaiq IWPP ranks among the major developments in ��������Ƶ’s water and power sector, and makes significant contributions to meeting the country’s rising demands in this field.”
He added: “We are proud to support ACWA Power in their growth plans through this transaction, which enhances and diversifies at the same time our equity portfolio by increasing exposure to the power generation sector that has stable profit rates and low risk. We look forward to working with our partners at Shuqaiq IWPP and to developing similar partnerships with companies in the same sector.”