Riyadh – Mubasher: International Company for Water & Power Projects (ACWA Power) signed a sale and purchase agreement with Arab Petroleum Investments Corporation (APICORP).

The deal was inked to sell 8% effective stake in Shuqaiq Independent Water & Power Project (Shuqaiq IWPP) in Saudi Arabia, according to a statement published on Acwa Power’s website on Monday.

Under the agreement, APICORP shall purchase a 13.33% equity stake in Shuqaiq International Water Company (SIWEC), which thereby entitle them an 8% effective stake in Shuqaiq IWPP.

The company noted that the agreement is subject to the satisfaction of conditions precedent involving certain consents.

APICORP is a multilateral development bank established in 1975 by the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC).

Before the deal, ACWA Power owned a 40% effective stake in the project, after having acquired a 6% stake in 2014 from Japan’s Mitsubishi Corporation, to add to its original 34% effective stake in the project, the statement added.