Saudi investment fund Hassana has taken a 30% stake in Rabigh Arabian Water & Electricity Company (Rawec), which operates an integrated power and water desalination plant with installed capacity of 840MW and 288cmd water. The announcement was made by Acwa Power, which says that pre-transaction it “effectively holds 99% shareholding in the project.” Acwa values the transaction at SAR844mn ($225mn), and says the sale is part of its capital recycling strategy.