Acwa Power, a Saudi-based global leader in energy transition, has completed its acquisition of Engie’s stakes in gas-fired power generation and water desalination assets in Bahrain, along with the related operations and maintenance ( O&M ) companies.

The total acquisition price for the assets, including those in Kuwait, is US$693 million.

The portfolio consists of a 45% equity stake in Al Ezzel IPP ( 940-megawatt combined-cycle gas turbine ), 45% in Al Dur IWPP ( 1,220MW CCGT and a sea water reverse osmosis facility producing 218,000 cubic metres per day ), a 30% stake in Al Hidd IWPP ( 930MW CCGT and 409,000 m3/day multi-stage flash desalination facility ), as well as 100% ownership of Al Ezzel O&M, which will contribute to providing in-house O&M services.

The transaction, preceded by the signing of a sale and purchase agreement ( SPA ) in February 2025, represents a wider acquisition. It covers Engie’s interests in gas-fired power generation and water desalination assets in Bahrain, while assets in Kuwait form part of the broader transaction. The assets will be transferred following the completion of customary technical conditions.

The Kuwait portfolio includes a 17.5% equity stake in Az Zour North IWPP ( 1,520MW CCGT, 486,000 m3/day multi-effect distillation plant ) as well as 50% ownership of Az Zour North Operations & Maintenance.

Together, the Bahrain and Kuwait portfolios represent a combined capacity of approximately 4.6 gigawatts of gas-fired power generation and 1.1 million m3/day of water desalination.

Acwa Power says the newly acquired assets are fully operational and well-maintained, adding immediately to its operating portfolio and further enhancing its O&M capabilities. The acquisition supports its objective of reaching US$250 billion in assets under management by 2030.

“The completion of the Bahrain-related phase of this larger acquisition marks a pivotal milestone,” comments Acwa Power chief executive officer  Marco Arcelli. “It reinforces our position as a global leader in water desalination, significantly extends our footprint in the regional power generation market, and consolidates our presence in the attractive and dynamic Bahrain market, with Kuwait to follow.

“These fully operational assets, underpinned by secured off-take contracts, strengthen our financial position and enable us to continue providing safe and reliable power and water to local communities and industries across the region.”