Saudi Arabia’s integrated utility company, ACWA Power, has signed a share purchase agreement (SPA) with the regional subsidiary of French utility developer ENGIE to acquire assets valued at $693 million. This acquisition marks ACWA Power’s entry into the Kuwaiti market.

The deal includes significant operating capacities, comprising 4.61 gigawatts (GW) of gas-fired power generation and 1.11 million cubic meters per day (m³/day) of water desalination facilities. Additionally, it involves related operations and maintenance companies based in Kuwait and Bahrain.

ACWA Power will acquire ENGIE’s shares in four key operating assets. These assets include an 18% stake in the Az Zour North (IWPP) in Kuwait, as well as 45% stakes in both the Al Ezzel (IPP) and Al Dur (IWPP) projects. Furthermore, ACWA Power will hold a 30% stake in the Al Hidd (IWPP) facility, all located in Bahrain.

In addition to these stakes, ACWA Power will take over a portfolio of companies responsible for the operation and maintenance of these assets, including a 50% stake in Az Zour North O&M Company and a 100% stake in Al Ezzel O&M Company.

The completion of this transaction is contingent upon customary regulatory and stakeholder approvals. Goldman Sachs Saudi Arabia served as the sole financial advisor for the deal, while King & Spalding acted as the legal advisor to ACWA Power.

ACWA Power aims to triple its assets under management to reach $250 billion by 2030.