Prime Highlights:
- ACWA Power acquires major power and water assets in Bahrain and Kuwait, strengthening its regional presence.
- The company is also developing a 2.8GW solar project in Saudi Arabia, boosting renewable energy capacity.
Key Facts:
- The acquisition includes 4.6GW of gas-fired power and 1.1 million cubic meters/day of water desalination.
- Holdings include 45% in Al-Ezzel and Al-Dur, 30% in Al-Hidd (Bahrain), and 18% in Az Zour North (Kuwait).
Background:
Saudi utility company ACWA Power has acquired major power and water assets in Bahrain and Kuwait from a subsidiary of French company ENGIE SA.
According to a Tadawul statement, the deal includes gas-fired power plants with a total capacity of 4.6 gigawatts and water desalination facilities that can produce 1.1 million cubic meters per day. The acquisition also covers related operations and maintenance companies in both countries.
The agreement, valued at $693 million, was signed with Kahrabel FZE, a subsidiary of ENGIE, and includes a 45% stake in the Al-Ezzel and Al-Dur projects and a 30% share in the Al-Hidd facility in Bahrain. In Kuwait, ACWA Power has acquired an 18% stake in the Az Zour North project.
The company stated that the Bahrain assets have been fully transferred following the completion of all regulatory requirements, while the Kuwait assets are pending the finalization of a few technical conditions.
In addition to these acquisitions, ACWA Power recently partnered with Bahrain-based Bapco Energies to develop a solar power plant with a large-scale battery energy storage system in Saudi Arabia’s Eastern Province. The project will produce up to 2.8 gigawatts in several stages.
ACWA Power is expanding in the GCC, boosting traditional and renewable energy.
