ACWA Power ups stake in RAWEC to 74%

ACWA Power raised its stake in Rabigh Arabian Water & Electricity Co. (RAWEC) to 74 percent, after buying shares and debt instruments/loan notes owned by Marubeni Corp in RAWEC, as well as Marubeni’s shares in RAWEC’s maintenance firm, Rabigh Power Co. (RPC).

The acquisition was based on pre-emptive and other rights that ACWA Power had with respect to the shares held by other shareholders in RAWEC and RPC, the utility developer said in a statement.

Accordingly, ACWA Power exercised its rights in May, 2018 and the physical securities transfer was consummated on March 13, 2019, after securing various consents and completing other regulatory processes.

Riyadh-based ACWA Power and Marubeni hold a 37 percent stake each in RAWEC, with JGC Corp and Petro Rabigh owning 25 percent and 1 percent of shares, respectively.

RAWEC is the utilities provider to Rabigh Refining and Petrochemical Co. (Petro Rabigh), a joint venture formed in 2005 between Sumitomo Chemical, Japan and Saudi Aramco, which owns, operates and manages the Rabigh petrochemical complex.

It owns and operates a conventional thermal power plant and desalination facility with a total installed capacity of 840 megawatt power, 6,110 t/h steam and 12,000 t/h water, in north of Jeddah.