ACWA Power, a developer, owner, and operator of power generation and water desalination plants, has signed a share purchase agreement to acquire 4.99 percent of the shares in Samsung C&T, the South Korea–based parent company of Samsung Group.
The agreement includes an option to purchase the remaining stake of Samsung C&T in Hajr Electricity Production Co. (HEPC), the project company running Qurayyah Independent Power Plant (IPP) in Saudi Arabia. With a net capacity of 3,927 megawatts, Qurayyah IPP is considered one of the most efficient projects of its kind in the country.
Saudi Electricity Co. currently owns a 50 percent stake in HEPC, and a consortium consisting of ACWA Power, MENA Infrastructure Fund and Samsung C&T holds the remaining 50 percent ownership, with shareholdings equivalent to 22.49 percent.
The project was signed in 2011 and began delivering power to the grid in 2013, marking the project as one of the world’s largest IPP combined
