ACWA Power says JV acquires second asset set for IGCC project in Jazan

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ACWA Power Co. said Jazan Integrated Gasification and Power Co. (JIGPC) completed the acquisition of the second group of assets for the Jazan Integrated Gasification Combined Cycle (IGCC) project.

In a statement to Tadawul, ACWA Power said the project involves the acquisition of the $12 billion IGCC plant from Saudi Aramco.

The acquisition of the first group of IGCC assets completed on Oct. 27, 2021.

According to data compiled by Argaam, Aramco, Air Products, ACWA Power and Air Products Qudra announced on Sept. 27, 2021, the signing and finalization of definitive agreements for the asset acquisition and project financing of the $12 billion (SAR 45 billion) air separation unit (ASU)/gasification/power JV in Jazan Economic City.

Saudi Aramco owns a 20% share in the JV, Air Products has 46%, ACWA Power 25%, and Air Products Qudra 9%. Moreover, Air Products’ total ownership position is 50.6% by owning an additional 4.6% through Air Products Qudra.

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