The International Company for Water and Power Projects (ACWA Power) has closed the SAR 391.5 million transaction to sell its entire stake of 32% in Shuqaiq Water and Electricity Company (Shuqaiq IWPP).

The transaction includes the sale of its partial stake of 32% in the operation and maintenance contract given by the wholly-owned subsidiary of ACWA Power, First National Operations and Maintenance Company (NOMAC), according to a bourse filing on Sunday.

The shares of ACWA Power were transferred to Al Jomaih Energy and Water Company as per the share purchase agreement signed on 7 September 2021.