ACWA Power closes Kuwait, Bahrain assets acquisition

ACWA Power Co. acquired gas-fired power generation assets with a capacity of 4.6 gigawatt (GW), water desalination assets with a capacity of 1.1 million cubic meters per day, and related O&M companies in Bahrain and Kuwait from a subsidiary of Engie SA.

Acquisition completed after meeting all conditions in the sale and purchase agreement (SPA), including the receipt of all necessary regulatory approvals in Bahrain, ACWA Power said in a statement to Tadawul.

In Kuwait, however, a few customary technical conditions remain, following which the transaction will be finalized, the statement added.

In February, ACWA Power signed an agreement to acquire power and water assets in Kuwait and Bahrain, Argaam earlier reported.

The deal included a 4.6-GW combined-cycle power generation portfolio and desalination capacity of 1.114 million cubic meters per day, as well as associated operations and maintenance companies.

The assets were acquired from Kahrabel FZE, a subsidiary of France’s Engie for SAR 2.59 billion ($693 million).