ACWA Power has completed the first phase of a $693 million acquisition of power generation and water desalination assets from Engie in Bahrain and Kuwait, strengthening its position as a leading regional utility operator.
The transaction adds approximately 4.6 gigawatts (GW) of gas-fired power capacity and around 1.1 million cubic metres per day of desalination capacity to ACWA Power’s operating portfolio. The assets are held under long-term offtake agreements with state utilities, providing stable and predictable cash flows.
Once the acquisition is fully finalised—subject to remaining regulatory and financing approvals—ACWA Power is expected to hold stakes in every independent power project in both Bahrain and Kuwait.
The deal underscores Saudi Arabia’s expanding role in regional energy and water infrastructure, with ACWA Power continuing to grow through strategic brownfield acquisitions alongside its renewable and water investment pipeline.
