Acwa closes acquisition of 32% stake in Shuaibah IWPP

Logo of ACWA Power (Acwa)

ACWA Power (Acwa) completed the acquisition of Badeel Co.’s entire stake in Shuaibah Water and Electricity Co. (Shuaibah IWPP), which represents 32% of its capital.

In a statement to Tadawul, Acwa said that all closing conditions have been satisfied, including approvals of regulatory authorities, shareholders and lenders.

According to data available with Argaam, the utility provider signed a share purchase agreement in December 2025 to buy the entire stake held by Badeel, a subsidiary of the Public Investment Fund, in Shuaibah IWPP for SAR 843.32 million (before the agreed price adjustments).

The company previously said the buyer is Al Waha Projects Co., a Saudi entity owned by Acwa, noting that the transaction will be financed through internal resources.