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FinancialNews


  • 13-01-13

    Saudi ACWA Power sells 19.4% stake to gov't funds

    (MENAFN) Saudi ACWA Power International has agreed to sell a 19.4 percent stake to two Saudi government-owned funds, Reuters reported. ACWA has sold 13.72 percent shareholding to Sanabil, which is owned by the Saudi Public Investment Fund (PIF), the company said. It added that it sold 5.71 percent stake to the Saudi Public Pension Agency (PPA). ACWA did not disclose the values of the deals. The Saudi water and power project developer, which was established in 2004, has contracted gross production capacity of 13,000 megawatts (MW) of power and 2.37 million cubic metres a day of desalinated water, with an investment value in excess of USD17 billion. The company is currently developing a major power project in Al Qurayyah, south of the eastern city of Khobar, and expanding outside Saudi Arabia.

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