ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants, has announced the sale of its entire stake of 32% in Shuqaiq Water and Electricity Company (Shuqaiq IWPP).
The transaction includes the sale of 32% interest in the operation and maintenance contract, which is currently with ACWA Power’s wholly owned subsidiary, First National Operations and Maintenance Company (NOMAC).
In a bourse filing, the company announced the sale of its 32% stake amounted to SR391.5 million ($105 million), according to Arab News.
With 850 megawatts (MW) power and 212,000 m3/day water desalination capacity, Shuqaiq IWPP, dating back to 2011, is an oil-fired asset in Saudi Arabia.
The sale is part of the company’s capital recycling strategy and brings it closer to its net zero target by 2050.
ACWA Power plans to end investment in non-renewable schemes as part of the business’s commitment to reaching net zero by 2050, its CEO Paddy Padmanathan said in October.
