Saudi Arabia’s ACWA Power, the world’s largest private water desalination company, has completed its acquisition of ENGIE’s stakes in gas-fired power generation and water desalination assets in Bahrain.
The acquired Bahrain portfolio consists of a 45 per cent equity stake in Al Ezzel IPP (Independent Power Producer) of 940MW capacity CCGT (Combined-Cycle Gas Turbine), 45 per cent stake in Al Dur IWPP (Independent Water & Power Producer) of 1,220MW CCGT and 218,000 m3/day seawater reverse osmosis (SWRO) and 30 per cent stake in Al Hidd IWPP (930MW CCGT and 409,000 m3/day).
This also includes the related Operations & Maintenance (O&M) companies, which, in this case, is 100 per cent ownership of Al Ezzel O&M Company.
This follows the agreement in February 2025, representing a wider acquisition that also includes ENGIE’s Kuwait assets. These will be transferred following the completion of customary technical conditions.
The Kuwait portfolio includes a 17.5 per cent equity stake in Az Zour North IWPP (1,520MW CCGT, 486 thousand m3/day MED) as well as 50 per cent ownership in Az Zour North Operations & Maintenance Company.
ACWA Power expands Gulf asset portfolio
Together, the Bahrain and Kuwait portfolios represent a combined capacity of approximately 4.6GW of gas-fired power generation and 1.1 million m3/day of water desalination, for a total consideration of US$693 million.
Marco Arcelli, Chief Executive Officer of ACWA Power, said: “The newly acquired assets are fully operational and well-maintained, adding immediately to ACWA Power’s operating portfolio and further enhancing its industry-leading O&M capabilities. This acquisition supports ACWA Power’s broader objective of reaching US$250 billion in assets under management by 2030.”
The completion of the Bahrain-related phase of this larger acquisition reinforces ACWA Power’s position as a global leader in water desalination, significantly extending the company’s footprint in the regional power generation market. These fully operational assets, underpinned by secured off-take contracts, strengthen the company’s financial position.
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