ACWA Power, a developer, owner and operator of power generation and water desalination plants, has announced the completion of the acquisition of certain shares and debt instruments/loan notes owned by Marubeni Corporation in Rabigh Arabian Water & Electricity Company (RAWEC) and certain shares owned by Marubeni in RAWEC’s Operations & Maintenance Company, namely Rabigh Power Company (RPC).
RAWEC is the captive utilities (power, water and steam) provider to Rabigh Refining and Petrochemical Company (Petro Rabigh Corporation), a joint venture formed in 2005 between Sumitomo Chemical, Japan and Saudi Aramco, which owns, operates and manages the Rabigh petrochemical complex.
Paddy Padmanathan, president and CEO of ACWA Power, said: “The purchase of additional shares in RAWEC and RPC to increase our existing majority ownership demonstrates our confidence in this utility complex and our desire to further strengthen the partnership with our key client Petro Rabigh Corporation.”
Rajit Nanda, chief investment officer of ACWA Power, said: “By acquiring Marubeni’s shares in RAWEC and RPC, we intend to build upon our recent successes in the power generation and water desalination sector in the Kingdom and the rest of the world and consolidate our position as a major power and water utilities provider to credit worthy energy-intensive industrial customers like Petro Rabigh Corporation.”