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.