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Engie, the French utility, has agreed to sell its stakes in power and water desalination plants in Kuwait and Bahrain to ACWA Power for $693 million. The deal marks Engie's exit from both countries and aligns with its net-zero emissions target by 2045.
The assets include an 18 per cent stake in the 1.5 GW Az Zour North power and desalination plant in Kuwait, capable of producing 107 million imperial gallons of water daily (MIGD), and a 50pc stake in its operations and maintenance company.
In Bahrain, the sale encompasses a 45pc share in the 1.2 GW Al Dur power and 48 MIGD water desalination plant; a 45pc share in the 0.9 GW Al Ezzel power plant; a 30pc share in the 0.9 GW Al Hidd power and 90 MIGD water desalination plant; and the associated operations and maintenance companies for these facilities.
ACWA Power, the world's largest private water desalination company and a leader in energy transition, said the acquisition adds 4.61 GW of gas-fired power generation and 1.11 million cubic metres per day of water desalination capacity to its portfolio.
"This acquisition represents a pivotal milestone for ACWA Power, reinforcing our position as global leader in water desalination," said ACWA Power chief executive Marco Arcelli. He noted the deal consolidates ACWA's presence in Bahrain and marks its entry into Kuwait.
Engie said it remains committed to the Gulf Cooperation Council (GCC) region and will continue to invest in renewable energy projects and low-carbon solutions. The company has been present in the GCC for over 30 years.
The transaction is subject to regulatory approvals and closing conditions. Both companies said they are working to ensure a smooth transition.
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