ACWA Power Acquires Engie's Stake in Kuwaiti and Bahraini Assets
Deal News | Feb 19, 2025 | Zawya
In a strategic move to fortify its operations in the Gulf region, Saudi Arabia's ACWA Power has announced its plan to purchase Engie's shares in assets located in Kuwait and Bahrain for approximately $693 million. This transaction involves acquiring stakes totaling 4.61 GW of gas-fueled power generation and 1.11 million cubic meters per day of desalination capacity, as well as the operational and maintenance companies associated with these projects. A 45% stake in Bahrain's Al Ezzel and Al Dur projects, a 30% stake in the Al Hidd facility, and an 18% stake in Kuwait's Az Zour North are included in the deal. According to ACWA Power CEO Marco Arcelli, this acquisition consolidates the company's already significant presence in Bahrain and marks its entry into the Kuwaiti market. The deal awaits regulatory approval before it can be finalized.
Sectors
- Energy and Utilities
- Infrastructure
Geography
- Saudi Arabia – ACWA Power is based in Saudi Arabia, which is the primary country from which the acquisition is initiated.
- Kuwait – Kuwait is one of the locations where ACWA Power is acquiring significant energy and water desalination assets.
- Bahrain – The transaction involves assets located in Bahrain, expanding ACWA Power's foothold in the country.
- France – Engie, the selling company, is a French utility developer.
Industry
- Energy and Utilities – The article focuses on the acquisition of power generation and desalination facilities, integral to the Energy and Utilities sector.
- Infrastructure – ACWA Power's purchase includes major infrastructure assets in power generation and water desalination.
Financials
- $693 million – Total value of the assets being acquired by ACWA Power from Engie.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ACWA Power | Buyer | Company | A leading Saudi Arabian energy company specializing in power and water desalination plants. |
| Engie | Selling Company | Company | A French multinational utility company involved in electricity, natural gas, and energy services. |
| Az Zour North | Target company | Company | A power and desalination facility in Kuwait, in which ACWA Power is acquiring an 18% stake. |
| Al Ezzel | Target company | Company | A power project in Bahrain where ACWA Power is acquiring a 45% stake. |
| Al Dur | Target company | Company | A power project in Bahrain where ACWA Power is acquiring a 45% stake. |
| Al Hidd | Target company | Company | A power and desalination facility in Bahrain where ACWA Power is acquiring a 30% stake. |