ACWA POWER Co. — M&A Activity 2023

Jan 22, 2023

ACWA POWER Co. Announces the completion of acquisition by JIGPC of the second group of assets from Aramco.

2082 · 22/01/2023 08:23:24 · Announcement #71769 · View on Saudi Exchange

ACWA POWER Co. Announces the completion of acquisition by JIGPC of the second group of assets from Aramco.

Element List

Explanation

Announcement Detail

ACWA POWER Co. announces the completion of the acquisition by Jazan Integrated Gasification and Power Company (JIGPC) of the second group of assets for the Jazan Integrated Gasification Combined Cycle (IGCC) project. JIGPC is a joint venture (JV) between Aramco, ACWA Power, Air Products and Air Products Qudra, with ACWA Power holding a 25% equity stake. This follows financial close of 18th October 2021.

The project involves the acquisition of the US$12 billion IGCC plant from Aramco. The acquisition of the first group of IGCC assets has been completed on 27th October 2021.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.