The International Company for Water and Power Projects (ACWA Power) has sold its 32-percent stake in Shuqaiq Water and Electricity Company to Al Jomaih Energy and Water Company for SAR 391.5 million ($104 million).
Shuqaiq Water and Electricity Co. owns and operates the Shuqaiq IWPP, the second phase of the Shuqaiq complex that produces water and power for the Assir region and city of Jizan in Saudi Arabia.
According to ACWA Power, this greenfield project included the design, construction and commissioning of three 340-megawatt oil-fired power units, combined with reverse-osmosis desalination and potabilization facilities. Shuqaiq IWPP provides a net electrical output of 850 megawatts in combination with a total capacity of 212,000 cubic meters per day of water-desalination capacity.
Mubasher Info reports that the sale is ACWA Power’s capital recycling strategy and will enable the company to cut its carbon intensity by 50 percent by 2030.