Riyadh – Mubasher: ACWA Power Company penned a deal to sell 30% of its shareholding in the Rabigh Arabian Water & Electricity Company (RAWEC) IWSPP to Hassana Investment Company.
The parties sealed the share purchase agreement (SPA) on 3 June 2024 at a value of SAR 844 million, according to a bourse disclosure.
The transaction includes the participation of Arabian Company for Water and Power Projects, Oasis Power One Conventional Energy and Water Company, and GOSI Investment Ventures Limited.
RAWEC is an independent water, steam, and power producer. It supplies essential utilities on a captive basis to Rabigh Refining and Petrochemical Company (Petro Rabigh).
The project has a long-term off-take agreement with Petro Rabigh, in which ACWA Power holding a 99% stake before this transaction. Meanwhile, the asset book value stands at SAR 731 million.
In line with its capital recycling strategy, ACWA Power expected to have a gain on this divestment that will be calculated on the closing date of transaction.
During the first quarter (Q1) of 2024, Petro Rabigh incurred net losses valued at SAR 1.36 billion, while ACWA Power posted higher net profits attributable to the owners at SAR 296.17 million.
