ACWA Power, a Saudi company specializing in energy production and water desalination, has completed an agreement to acquire stakes in energy assets in Kuwait and Bahrain for $693 million. The deal includes 4.61 gigawatts (GW) of gas-fired power generation capacity and 1.11 million cubic meters per day of desalination capacity.
Strategic Stake Acquisition
Under the terms of the agreement, ACWA Power will acquire an 18% stake in the Az Zour North facility in Kuwait. The company will also acquire 45% stakes in the Al Ezzel and Al Dur projects, as well as a 30% stake in the Al Hidd facility, all located in Bahrain. Additionally, ACWA Power will take over the companies responsible for the operation and maintenance of these assets, including Az Zour North O&M and Al Ezzel O&M.
Consolidating Regional Presence
This acquisition marks ACWA Power’s entry into the Kuwaiti market and strengthens its position in Bahrain, where it is already a key player in power and water supply. The Saudi company had recently submitted a bid for a new combined power and desalination plant in Kuwait, further illustrating its commitment to expanding in the region.
Long-Term Growth Strategy
The deal aligns with ACWA Power’s broader strategy to expand its business and reinforce its contracted revenue streams. The company aims to triple its assets under management to $250 billion by 2030. Acquiring assets in Kuwait and Bahrain is part of this ambitious plan.
The completion of the transaction is subject to regulatory approvals and stakeholder consent.
