ACWA Power sells stake in IWSPP for $225mn ...United Arab Emirates

Acwa Power has said it has reached an agreement to sell 30% of its stake in the Rabigh Arabian Water & Electricity Company (Rawec) IWSPP to Hassana Investment Company for the sum of US $844mn. The latter is the investment manager of Saudi Arabia’s social security and pension fund GOSI. According to its filing to the Saudi bourse Tadawul, the deal was inked with Arabian Company for Water and Power Projects (Rawec), Oasis Power One Conventional Energy and Water Company and Gosi Investment Ventures Limited. The Rabigh IWSPP is owned and operated by Rawec, a joint venture (JV) between Acwa Power, Marubeni Corp, JGC Corporation, and Petro Rabigh. The project was constructed under an EPC contract

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