Acwa Power buys entire 32pc Badeel stake in Shuaibah Water and Electricity Company

19/03/2026 04:02 AST

Global utility major Acwa Power has announced that it has successfully completed the acquisition of the entire 32% stake of Water and Electricity Holding Company (Badeel) in the Shuaibah Water and Electricity Company - through its key unit Alwaha Projects Company.

This comes following regulatory approvals and after shareholder and lender consents have been satisfied, said Acwa Power in it filing to Saudi bourse tadawul.

Acwa Power is an indirect shareholder in the company and with this transaction, it will increase its ownership from 30% to 62% thus making it the majority stake holder in the company which is also the developer of Shuaibah IWPP, which when operatonal will boast 900 MW of power generation capacity and 880,000 cu m/day of desalinated water capacity).

Last year in December, Acwa Power had announced that it was acquiring the stake through its key subsidiary - Alwaha Projects Company - for SAR843 million ($224.5 million).

The underlying asset entails limited operating risk and has contracted cash inflows until 2030, it added.


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