– ACWA Power sold 35% of its stake in two subsidiaries to China Southern Power Grid International (HK) Co. Ltd for SAR 595.9 million ($158.9 million), retaining 65% ownership in the projects.

– The subsidiaries own two $1.3 billion renewable energy projects in Uzbekistan, the Bash and Dzhankeldy power plants, with a total capacity of 1GW.

– This transaction marks the first co-investment between ACWA Power and China Southern Power Grid for a large-scale renewable energy project in Central Asia.

Saudi Arabian company ACWA Power has sold over a third of its stake in two subsidiaries to a Chinese state-owned company for SAR 595.9 million ($158.9 million).

On Wednesday, the Saudi-listed firm announced the completion of agreements to divest 35% of its shareholding in ACWA Power Bash Wind Project Holding Company Limited and ACWA Power Uzbekistan Wind Project Holding Company to China Southern Power Grid International (HK) Co. Ltd (CSGIHK).

CSGIHK is the investment and development arm of China Southern Power Grid, which manages energy grids across China and Southeast Asia.

The ACWA Power subsidiaries hold full ownership of two $1.3 billion renewable energy projects in Uzbekistan, the Bash and Dzhankeldy power plants, with a combined capacity of 1GW.

Following this transaction, ACWA Power retains a 65% stake in the two projects.

This sale marks the first co-investment transaction between ACWA Power and China Southern Power Grid for a major renewable energy project in Central Asia.

In December 2022, ACWA Power signed framework agreements with Chinese companies to finance, invest in, and build its energy projects in Saudi Arabia and Belt and Road Initiative countries.