Riyadh, Saudi Arabia: ACWA Power, a global leader in water desalination and energy transition, has announced a strategic acquisition of assets in Bahrain and Kuwait from French utility developer ENGIE for $693 million. The deal adds substantial capacity to ACWA Power’s portfolio, including 4.61GW of gas-fired power generation and 1.11 million cubic meters per day (m3/day) of water desalination.
The acquisition includes a series of key operating assets: an 18% stake in the Az Zour North Independent Water and Power Project (IWPP) in Kuwait, alongside 45% stakes in Bahrain’s Al Ezzel Independent Power Project (IPP) and Al Dur IWPP, and a 30% stake in the Al Hidd IWPP. Additionally, ACWA Power will acquire shares in the related operations and maintenance companies in both countries, further bolstering its regional footprint.
This deal marks ACWA Power’s first foray into the Kuwaiti market, expanding its presence in a key energy and water sector. It also strengthens its role in Bahrain, where it has already established a strong position in power and water provision.
“We are excited to solidify our role as a global leader in water desalination while enhancing our presence in both Bahrain and Kuwait,” said Marco Arcelli, CEO of ACWA Power. “This acquisition will enable us to provide reliable and sustainable energy and water supplies to local communities and industries.”
The move aligns with ACWA Power’s broader growth strategy, targeting $250 billion in assets under management by 2030. The deal’s completion is contingent on regulatory approvals, with Goldman Sachs Saudi Arabia serving as the financial advisor and King & Spalding providing legal counsel to ACWA Power.
