Acwa Power has successfully completed the acquisition of Water and Electricity Holding Company (Badeel)'s entire 32% stake in Shuaibah Water and Electricity Company through its subsidiary, Alwaha Projects Company. The deal was finalized following the receipt of necessary regulatory approvals, as well as the satisfaction of shareholder and lender consents, Acwa Power confirmed in a filing to the Saudi stock exchange, Tadawul.
With this acquisition, Acwa Power raises its ownership in Shuaibah Water and Electricity Company from 30% to 62%, making it the majority stakeholder in the company. This company is the developer behind the Shuaibah Independent Water and Power Project (IWPP), which, once operational, will have a capacity to generate 900 MW of power and produce 880,000 cubic meters of desalinated water per day.
The acquisition, valued at SAR843 million (approximately $224.5 million), was initially announced by Acwa Power in December 2025. According to the company, the underlying asset carries limited operating risks and has contracted cash inflows secured until 2030.
