JEDDAH: Acquisition of companies and enhancing investment is steadily growing, especially in the water and power sector of Saudi Arabia. In the latest development, the newly formed International Company for Water and Power Projects (ACWA Power International) has acquired ACWA Power Projects, a major developer and operator of seawater desalination and power generation plants in the Kingdom. The new company is also increasing its capital.
“This move by ACWA Power International will build on the existing portfolio of plants developed and owned by ACWA Power Projects. With a fully paid up capital of SR2.92 billion to be increased to SR4 billion within the next few months, ACWA Power International is structured as a joint stock company,” Mohammed A. Abunayyan, chairman of ACWA Power International, told a press conference at the Jeddah Hilton on Monday night.
ACWA Power Projects, the seed company, was founded in 2004 and has since participated in the development of a number of water and power projects throughout the Kingdom. These include the Marafiq Jubail IWPP, the Rabigh IWPP, the Shuaiba IWPP and its expansion, the Shuqaiq IWPP, as well as the self-contained floating desalination plans under the brand name Bowarege. These projects are in a various phases of development and are expected to become operational between 2008 and 2010.
ACWA Power International will function as a developer of independent water and power projects.
