Saudi-listed ACWA Power, the world’s largest private water desalination company and a leader in energy transition and green hydrogen, announced that Hassana Investment Company (Hassana) has signed a Share Purchase Agreement (SPA) to acquire a 30% stake in ACWA Power’s Rabigh Arabian Water & Electricity Company (RAWEC IWSPP), an Independent Water, Steam and Power Producer.
This strategic transaction, valued at SAR 844 million (US$225 million), marks the beginning of a long-term partnership between ACWA Power and Hassana.
The agreement was signed by Mr. Abdulhameed AlMuhaidib, ACWA Power’s CFO, and Mr. Ahmed Al-Qahtani, Hassana’s Chief Investment Officer for Regional Markets, in the presence of Mr. Saad bin Abdulmohsen Al-Fadly, Hassana CEO, and Mr. Marco Arcelli, CEO of ACWA Power.
RAWEC IWSPP supplies essential utilities to Petro Rabigh under a long-term offtake contract. With ACWA Power currently holding almost all (99%) stake in RAWEC, this transaction aligns with ACWA Power’s capital strategy to introduce valuable partners at the project level of its portfolio.
This partnership with Hassana is expected to further strengthen RAWEC’s position in the market and contribute to its future growth.
Marco Arcelli, Chief Executive Officer of ACWA Power, stated, “This transaction is aligned with Hassana’s long-term investment strategy to acquire well-performing unique infrastructure assets with a stable and attractive cashflow profile underpinned by long-term offtake agreements. We are pleased to partner with ACWA Power and we look forward to building a long-term partnership based on mutual benefit.”
Source :ACWA Power
