Saudi-listed ACWA Power, the world’s largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, announced on Monday that Hassana Investment Company (Hassana) has signed a Share Purchase Agreement (SPA) to acquire 30% of ACWA Power’s shareholding in Rabigh Arabian Water & Electricity Company, an Independent Water, Steam and Power Producer (RAWEC IWSPP). This strategic transaction, valued at SAR 844 million, marks the beginning of a long-term partnership between ACWA Power and Hassana Investment Company.

The agreement was signed by Mr. Abdulhameed AlMuhaidib, ACWA Power’s CFO, and Mr. Ahmed Al-Qahtani, Hassana’s Chief Investment Officer for Regional Markets. The signing was in the presence of Mr. Saad bin Abdulmohsen Al-Fadly, Hassana CEO, and Mr. Marco Arcelli, CEO of ACWA Power.

RAWEC IWSPP supplies essential utilities to Petro Rabigh under a long-term offtake contract. With ACWA Power currently holding almost all (99%) stake in RAWEC, this transaction is a strategic move in line with ACWA Power’s capital strategy to introduce valuable partners at the project level of its portfolio. This partnership with Hassana is expected to further strengthen RAWEC’s position in the market and contribute to its future growth.

“We are delighted to welcome Hassana Investment Company as a strategic partner in RAWEC IWSPP. This transaction not only reflects our commitment to our capital recycling strategy by introducing valuable partners at the project level but also underscores our dedication to creating significant value for our stakeholders. We look forward to a productive collaboration with Hassana Investment Company as we continue to drive sustainable growth and innovation in the utility sector.” Marco Arcelli, Chief Executive Officer of ACWA Power

Mr. Saad bin Abdulmohsen Al-Fadly, Hassana CEO, added: ” This transaction is aligned with Hassana’s long-term investment strategy to acquire well-performing unique infrastructure assets with a stable and attractive cashflow profile underpinned by long-term offtake agreements. We are pleased to partner with ACWA Power and we look forward to building a long-term partnership based on mutual benefit.”