Saudi-based ACWA Power has announced that its wholly-owned subsidiary Saudi Arabian Water and Electricity Co (SAWEC) has acquired a 6% indirect shareholding in Shuqaiq Water and Electricity Co (SqWEC) from Mitsubishi Corporation of Japan (MC), Arab News has reported. The deal increases ACWA’s stake in SqWEC from 34% to 40%. SqWEC owns an 850 MW power generation and 212,000 cubic metres per day of water desalination capacity IWPP Plant in Shuqaiq on the western coast of the kingdom. The project started commercial operations in May 2010.
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