Riyadh: The International Company for Water and Power Projects (ACWA Power) has closed the SAR 391.5 million transaction to sell its entire stake of 32% in Shuqaiq Water and Electricity Company (Shuqaiq IWPP).

The transaction includes the sale of its partial stake of 32% in the operation and maintenance contract given by the wholly-owned subsidiary of ACWA Power, First National Operations and Maintenance Company (NOMAC), according to a bourse filing on Sunday.

The shares of ACWA Power were transferred to Al Jomaih Energy and Water Company as per the share purchase agreement signed on 7 September 2021.

With 850 megawatts (MW) power and 212,000 m3/day water desalination capacity, Shuqaiq IWPP is an oil-fired asset in Saudi Arabia.

This step is part of ACWA Power’s capital recycling strategy and will enable the company to cut its carbon intensity by 50% by 2030, compared to 2020, and achieve net-zero emissions by 2050.

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