BAKU, Azerbaijan, February 21. ACWA Power has signed a Share Purchase Agreement (SPA) with ENGIE's regional subsidiary to acquire assets worth $693 million, TurkicWorld reports.
The acquisition includes 4.61GW of gas-fired power generation capacity and desalination facilities with a daily capacity of 1.11 million cubic meters of water, located in Kuwait and Bahrain.
The agreement grants ACWA Power stakes in four key projects: an 18% stake in the Az Zour North Independent Water and Power Project (IWPP) in Kuwait, 45% stakes in the Al Ezzel and Al Dur IPPs in Bahrain, and a 30% stake in the Al Hidd IWPP.
Additionally, ACWA Power will acquire the 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.
This acquisition aligns with ACWA Power's growth strategy to expand its portfolio and secure contracted revenue streams. The transaction is subject to regulatory approvals. Goldman Sachs Saudi Arabia served as the sole financial advisor, with King & Spalding acting as the legal advisor to ACWA Power.
