ACWA Power Company has announced that the Saudi Arabian Water and Electricity company which is wholly-owned by it has acquired an indirect stake of 6% in Al-Shuqaiq Water and Electricity Company (SQWEC) from the Japanese Mitsubishi company, leading to raise its stake in the company to 40% of the project capital. SQWEC owns production of an independent plant for double production with a capacity of 850 megawatts of power and 212,000 cubic meters per day of desalinated water in Al-Shuqaiq area which lies on the west coast of the Kingdom of Saudi Arabia and it is 130 km far from north of Jazan region. In a press statement, ACWA Power President & CEO Paddy Padmanathan said that acquiring these shares is part of the company's strategy to employ its capital in projects with a cumulative profit and value.
