RIYADH: Saudi utility giant ACWA Power has completed the acquisition of power generation and water desalination assets in Bahrain and Kuwait from a subsidiary of French-based ENGIE SA. 

In a Tadawul statement, the company announced that it has acquired gas-fired power generation assets with a capacity of 4.6 gigawatts, as well as water desalination assets with a capacity of 1.1 million cubic meters per day, along with related operations and maintenance companies in Bahrain and Kuwait, from a subsidiary of the French-based entity. 

The acquisition follows an agreement signed between ACWA Power and Kahrabel FZE, a subsidiary of ENGIE, to acquire power and water assets in Kuwait and Bahrain for $693 million. 

The deal includes a 45 percent interest in both the Al-Ezzel and Al-Dur projects as well as a 30 percent holding in the Al-Hidd facility, all situated in Bahrain.

It also sees ACWA Power acquire an 18 percent stake in Az Zour North in Kuwait.

ACWA Power further said that the acquisition was completed following the satisfaction of all conditions precedent stipulated in the sale and purchase agreement, including the receipt of all necessary regulatory approvals in Bahrain. 

“As for Kuwait assets, a few customary technical conditions are remaining, following which the transaction will be finalized,” said the company. 

Earlier this month, ACWA Power signed an agreement with Bahrain-based Bapco Energies to develop a solar power plant with a large-scale battery energy storage system in the Eastern Province of Saudi Arabia. 

Under the deal, both parties will work together to jointly develop a solar power plant with a projected generation capacity of up to 2.8GW over several phases.