Riyadh-based ACWA Power has reached a deal to sell a minority stake in Shuqaiq Independent Water & Power Project (Shuqaiq IWPP) in Saudi Arabia to Arab Petroleum Investments Corporation (APICORP), the company said in a statement Monday.
Under the agreement, APICORP, a multilateral energy lender, will buy a 13.33 percent equity stake in Shuqaiq International Water Company (SIWEC), thereby giving them an 8 percent effective stake in Shuqaiq IWPP.
Shuqaiq IWPP, which has a capacity to generate 850 MW of power and 212,000 cubic meters of desalinated water per day, has a 20-year power and water purchase agreement with Water & Electricity Company, Saudi Arabia.
No financial detail of the transaction was disclosed.
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