The Clap ACWA Power (2082) acquired the second set of assets of Jazan Integrated Gasification and Power Company’s project, a joint venture between Aramco (2222), ACWA Power, Air Products, and Air Products Qudra, in which ACWA Power owns 25% of its total shares.
The project includes the acquisition of the integrated gasification and combined cycle plant for $12 billion from Aramco.
The first set of assets for the project was acquired on October 27, 2021.
Under the signed agreements, the JV purchases energy assets, air separation units, gasification, and purified gas from Saudi Aramco, on the basis that the JV operates the facilities under a 25-year contract for a fixed monthly fee.
Aramco will supply raw materials to the JV to produce electricity, steam, hydrogen, and other products for the company.