BAKU, Azerbaijan, December 16. ACWA Power, the
world’s largest private water desalination company and a leader in
energy transition, has announced the successful completion of its
strategic acquisition of ENGIE’s stakes in gas-fired power
generation and water desalination assets in Bahrain, along with the
related operations and maintenance companies, Trend reports via the
ACWA Power company.
The Bahrain portfolio includes a 45% stake in Al Ezzel IPP (940
MW combined-cycle gas turbine), a 45% stake in Al Dur IWPP (1,220
MW CCGT and 218,000 cubic meters per day of seawater reverse
osmosis capacity), and a 30% stake in Al Hidd IWPP (930 MW CCGT and
409,000 cubic meters per day of multi-stage flash desalination).
ACWA Power also acquired full ownership of Al Ezzel O&M
Company, which will provide in-house operations and maintenance
services across these assets.
The transaction, preceded by a Sale and Purchase Agreement
signed in February 2025, is part of a broader acquisition that
includes ENGIE’s Kuwait assets. The Kuwait portfolio, which will be
transferred after customary technical conditions are met, comprises
a 17.5% stake in Az Zour North IWPP (1,520 MW CCGT, 486,000 cubic
meters per day of MED desalination) and 50% ownership of Az Zour
North Operations & Maintenance Company.
Together, the Bahrain and Kuwait portfolios represent a combined
capacity of about 4.6 gigawatts of gas-fired power and 1.1 million
cubic meters per day of water desalination. The total consideration
for the acquisition is $693 million, before customary purchase
price adjustments.
The newly acquired assets are fully operational and
well-maintained, immediately expanding ACWA Power’s operating
portfolio and strengthening its industry-leading operations and
maintenance capabilities. The company said the acquisition aligns
with its broader objective of reaching $250 billion in assets under
management by 2030.
