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03-04-14

Saudi SAWEC buys 6 percent shareholding in Shuqaiq project

(MENAFN) Saudi Arabian Water and Electricity Company (SAWEC) has recently acquired 6 percent indirect shareholding in Shuqaiq Water and Electricity Company (SqWEC), according to Arab News. ACWA Power, owner of SAWEC, bought the stake from Mitsubishi Corporation of Japan (MC). SqWEC owns an 850 MW power generation and 212,000 cubic meters per day of water desalination capacity at IWPP Plant in Shuqaiq. The private sector ownership totals 60 percent of the project, while the government owns the 40 percent in two parts; 32 percent by the Public Investment Fund (PIF) and 8 percent by Saudi Electricity Company (SEC).