ACWA Power Acquires ENGIE's Strategic Assets in Kuwait and Bahrain for $693 Million

Deal News | Feb 19, 2025 | Zawya

ACWA Power Acquires ENGIE's Strategic Assets in Kuwait and Bahrain for $693 Million

Saudi Arabia's ACWA Power has signed a share purchase agreement to acquire assets from French utility developer ENGIE in Kuwait and Bahrain, valued at $693 million. The acquisition includes 4.61GW of gas-fired power generation capacity and 1.11 million m3/day of water desalination facilities, as well as various operational and maintenance companies. ACWA Power will gain significant stakes in key projects: 18% in Az Zour North in Kuwait, 45% each in Al Ezzel and Al Dur in Bahrain, and 30% in the Al Hidd facility. Goldman Sachs Saudi Arabia served as the financial advisor, and King & Spalding acted as legal advisor for the transaction. ACWA Power aims to triple its assets under management to $250 billion by 2030. The deal awaits regulatory and stakeholder approvals.

Sectors

  • Utilities
  • Energy
  • Investment Banking

Geography

  • Saudi Arabia – ACWA Power, the acquiring company, is based in Saudi Arabia.
  • Kuwait – Part of the acquired assets, including the Az Zour North project, are located in Kuwait.
  • Bahrain – The acquisition includes significant stakes in power and desalination projects located in Bahrain.
  • France – ENGIE, the selling company, is a French utility developer.

Industry

  • Utilities – The article involves the acquisition of power generation and water desalination assets, which are core aspects of the utilities sector.
  • Energy – The acquisition includes gas-fired power generation capacities, an essential component of the energy industry.
  • Investment Banking – The involvement of Goldman Sachs Saudi Arabia as a financial advisor highlights the role of investment banking in facilitating this transaction.

Financials

  • $693 million – The total transaction value of ACWA Power's acquisition of ENGIE's assets in Kuwait and Bahrain.

Participants

NameRoleTypeDescription
ACWA PowerAcquiring CompanyCompanyA Saudi Arabian integrated utility company engaged in acquiring ENGIE's assets in Kuwait and Bahrain.
ENGIESelling CompanyCompanyA French utility developer selling its stakes in projects located in Kuwait and Bahrain.
Goldman Sachs Saudi ArabiaFinancial AdvisorCompanyActed as the sole financial advisor to ACWA Power for the transaction.
King & SpaldingLegal AdvisorCompanyProvided legal advisory services to ACWA Power in this transaction.