ACWA Power Expands into Kuwait and Bahrain with $693 Million Acquisition

Deal News | Feb 19, 2025 | Zawya

Saudi Arabia's ACWA Power has signed a significant share purchase agreement to acquire assets amounting to $693 million from ENGIE's regional subsidiary. This acquisition marks ACWA Power's strategic entry into Kuwait and expands its operations in Bahrain. The deal includes acquiring an 18% stake in Kuwait's Az Zour North IWPP, along with substantial stakes in Bahrain's Al Ezzel IPP, Al Dur IWPP, and Al Hidd IWPP. Also included is a portfolio of companies handling operations and maintenance. Completion of this transaction is pending customary approvals. ACWA Power aims to triple its assets under management to $250 billion by 2030, positioning itself as a major player in the utility sector. Goldman Sachs and King & Spalding served as financial and legal advisors, respectively.

Sectors

Utilities
Infrastructure

Geography

Saudi Arabia – ACWA Power, the acquiring company, is based in Saudi Arabia.
Kuwait – Kuwait is a new market where ACWA Power is entering through this acquisition.
Bahrain – Bahrain is where existing assets are being acquired by ACWA Power.

Industry

Utilities – The article discusses acquisitions in power generation and water desalination, both central to the utilities industry.
Infrastructure – The acquisition involves infrastructure projects related to power plants and desalination facilities, key components of infrastructure development.

Financials

693000000 – The total value of the assets being acquired by ACWA Power.

Participants

Name	Role	Type	Description
ACWA Power	Acquirer	Company	A Saudi Arabian integrated utility company making the acquisition.
ENGIE	Seller	Company	The French utility developer selling its shares in regional assets.
Goldman Sachs Saudi Arabia	Financial Advisor	Company	Acted as the financial advisor to ACWA Power for the transaction.
King & Spalding	Legal Advisor	Company	Provided legal advisory services to ACWA Power.