Riyadh – Mubasher: ACWA Power Company has closed sale and purchase agreements to sell 35% of its stake in ACWA Power Bash Wind Project Holding and ACWA Power Uzbekistan Wind Project Holding to China Southern Power Grid International for SAR 595.90 million.
Proceeds from the deal will be used for general corporate purposes, according to a bourse filing.
Following the successful completion of the deal, ACWA Power share in these two projects is now 65%.
It is worth noting that the two project companies hold 100% of the Bash and Dzhankeldy one gigawatt (GW) wind projects in Uzbekistan.
They are greenfield independent power projects that are developed by ACWA Power in Uzbekistan, for which the company and the JSC National Electrical Grid of Uzbekistan signed a 25-year power purchase agreement for the development, construction, and operation.
The projects are located in the Bukhara region and being developed on a build, own, operate, transfer basis.
They are under construction and the estimated total investment cost is SAR 5.10 billion.
In June 2024, ACWA Power sold 30% of its shareholding in the Rabigh Arabian Water & Electricity Company (RAWEC) IWSPP to Hassana Investment Company.
The company posted a 9.80% annual increase to net profit to the equity holders at SAR 296.17 million during the first quarter (Q1) of 2024, compared with SAR 269.73 million.
