(MENAFN) Acwa Power, a Saudi-based developer and Arab Petroleum Investments Corp (Apicorp) have inked a sale and purchase deal for an 8 percent share in Shuqaiq power project in KSA.
The project, located on the western shores of Saudi Arabia, 130 km north of Jazan, has a capacity to produce 850MW of power and 212.000 cum of desalinated water per day.
Meanwhile, Apicorp will buy a 13.33 percent equity share in Shuqaiq International Water Co., giving them an 8 percent effective stake.
In addition, Acwa Power had a 40 percent share in the project, after having obtained a 6 percent share in 2014 from Mitsubishi Corp, Japan, to add its 34 percent share in the project.
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