ACWA Power to sell stake in Saudi project to APICORP

27/03/2017 Argaam

Riyadh-based ACWA Power has reached a deal to sell a minority stake in Shuqaiq Independent Water & Power Project (Shuqaiq IWPP) in Saudi Arabia to Arab Petroleum Investments Corporation (APICORP), the company said in a statement Monday.

 

Under the agreement, APICORP, a multilateral energy lender, will buy a 13.33 percent equity stake in Shuqaiq International Water Company (SIWEC), thereby giving them an 8 percent effective stake in Shuqaiq IWPP.

 

Shuqaiq IWPP, which has a capacity to generate 850 MW of power and 212,000 cubic meters of desalinated water per day, has a 20-year power and water purchase agreement with Water & Electricity Company, Saudi Arabia.

 

No financial detail of the transaction was disclosed.

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