ACWA Power unveils second asset acquisition of Saudi Aramco’s IGCC

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Riyadh – Jazan Integrated Gasification and Power Company (JIGPC) acquired the second set of the Jazan Integrated Gasification Combined Cycle (IGCC) plant’s assets, ACWA Power Company announced in a bourse filing.

JIGPC is a joint venture (JV) between ACWA Power, Saudi Arabian Oil Company (Saudi Aramco), and Air Products Qudra, a development and investment company of US-based Air Products.

ACWA Power, which holds a 25% equity stake in the JV, indicated that this transaction followed the financial close that was unveiled on 18 October 2021.

The joint project in Jazan Economic City involves the acquisition of the $12 billion IGCC complex, which is owned by Saudi Aramco.

It is worth mentioning that JIGPC completed the first group of IGCC’s assets on 27 October 2021.

In the first nine months (9M) of 2022, ACWA Power registered net profits after Zakat and tax of SAR 883.42 million, higher by 110.37% year-on-year (YoY) than SAR 419.94 million.

Meanwhile, Saudi Aramco generated net profits after Zakat and tax worth SAR 488.78 billion in 9M-22, an annual leap of 67.97% from SAR 291 billion.