ACWA Power buys into Shuweihat S1 company
Saudi Arabia's ACWA Power International announced on that it has agreed to acquire the 20% stake held by Summit Global Management VIII BV, a wholly-owned subsidiary of Sumitomo Corporation, in Shuweihat CMS International Power Company PJSC, which owns the Shuweihat S1 Power & Desalination Plant (S1 Plant) in Abu Dhabi, and its 50% equity interest in the Shuweihat O&M Limited Partnership.
It was the third Independent Water and Power Project commissioned by Abu Dhabi Water & Electricity Authority and accounts for about 12% of the electricity generation capacity and 11% of the water production capacity in the emirate.
Mohammad Abunayyan, ACWA Power chairman, stated "This marks ACWA Power 's entry into yet another important market in the GCC, the third country within GCC after our significant positions in Saudi Arabia and Oman."
The transaction should be completed in March 2014.