ACWA Power Announces Hassana Investment Company’s 30% Stake Acquisition in RAWEC IWSPP

Saudi-listed ACWA Power, the world’s largest private water desalination company and a leader in energy transition and 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 (RAWEC), an Independent Water, Steam, and Power Producer (IWSPP). This strategic transaction, valued at SAR 844 million, marks the beginning of a long-term partnership between ACWA Power and Hassana.

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, in the presence of Mr. Saad bin Abdulmohsen Al-Fadly, CEO of Hassana, 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 a 99% stake in RAWEC, this transaction aligns with ACWA Power’s strategy to introduce valuable partners at the project level of its portfolio. The partnership with Hassana is expected to strengthen RAWEC’s market position and contribute to its future growth.