July 9, 2019 / 11:19 AM / 3 months ago

ACWA Power, Mubadala seal deal with UAE utility for desalination plant

ABU DHABI, July 9 (Reuters) - Federal Electricity & Water Authority (FEWA), and a consortium of ACWA Power and a subsidiary of Mubadala Investment Co, have sealed a water purchase agreement for a desalination plant in Umm Al Quwain, one of the seven emirates in the United Arab Emirates.

FEWA will hold a 20% stake while ACWA Power and Mubadala will each own 40%, a joint statement said, adding the government of Umm Al Quwain will join as a partner and own a stake at a later date in the 150 million gallons per day plant.

Reporting By Stanley Carvalho, editing by Saeed Azhar

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