ACWA Power acquires Engie assets in Kuwait, Bahrain for $693 million

Saudi Arabia's ACWA Power has agreed to acquire stakes worth $693 million from France's Engie in four gas-fired power plants and water desalination facilities located in Kuwait and Bahrain. This strategic acquisition includes a total operating capacity of 4.61 gigawatts and the ability to desalinate 1.11 million cubic meters of water per day. The deal positions ACWA Power to enhance its presence in Bahrain and enter the Kuwaiti market, aligning with its broader strategy to significantly increase its assets under management. Engie's divestment is part of its commitment to focus on green energy and achieve net-zero emissions by 2045. ACWA Power's CEO highlighted that this acquisition would bolster their role in the energy transition and localize operations in these regions. The acquisition process will involve newly formed subsidiaries and is funded through both internal cash reserves and external sources.