ACWA Power Reveals Hassana Investment Company's Acquisition of 30% Stake in RAWEC IWSPP

ACWA Power, a prominent Saudi-listed company known for its leadership in water desalination and energy transition, along with its pioneering initiatives in green hydrogen, disclosed on Monday that Hassana Investment Company (Hassana) has entered into a Share Purchase Agreement (SPA) to purchase 30% of ACWA Power’s shares in Rabigh Arabian Water & Electricity Company, an Independent Water, Steam, and Power Producer (RAWEC IWSPP). This significant transaction, valued at SAR 844 million, signifies the initiation of a lasting partnership between ACWA Power and Hassana Investment Company.

Mr. Abdulhameed AlMuhaidib, CFO of ACWA Power, and Mr. Ahmed Al-Qahtani, Chief Investment Officer for Regional Markets at Hassana, inked the agreement. This signing ceremony took place in the presence of Mr. Saad bin Abdulmohsen Al-Fadly, CEO of Hassana, and Mr. Marco Arcelli, CEO of ACWA Power.

RAWEC IWSPP provides crucial utilities to Petro Rabigh through a long-term offtake agreement. With ACWA Power owning nearly all (99%) of RAWEC, this deal aligns with ACWA Power's capital strategy of bringing in strategic partners at the project level within its portfolio. Collaborating with Hassana is anticipated to bolster RAWEC's market position and support its future expansion.

"We are pleased to have Hassana Investment Company join us as a strategic partner in RAWEC IWSPP. This deal not only demonstrates our commitment to our capital recycling strategy by bringing in valuable partners at the project level but also highlights our dedication to generating substantial value for our stakeholders. We are excited about the opportunity to collaborate effectively with Hassana Investment Company as we pursue sustainable growth and innovation in the utility sector," stated Marco Arcelli, CEO of ACWA Power.

Mr. Saad bin Abdulmohsen Al-Fadly, CEO of Hassana, remarked, "This deal is in line with Hassana's long-term investment strategy to acquire robust and distinctive infrastructure assets with a stable and appealing cash flow profile, supported by long-term offtake agreements. We are excited to collaborate with ACWA Power and anticipate establishing a long-lasting partnership for mutual benefit."

ACWA Power serves as a developer, investor, and operator of power generation and desalinated water plants, boasting 82 assets in operation, under construction, or in advanced development across 13 countries. The company employs over 4,000 individuals, with approximately 60% being locals. With a portfolio valued at USD 85.5 billion, ACWA Power has the capacity to generate 55.1 GW of power and produce 8 million m3/day of desalinated water. Companies are entrusted with the responsibility of providing essential services that sustain life.