Strategic acquisition boosts power generation and desalination capacity across Bahrain and Kuwait.
Manama, Bahrain, 16 December 2025 – ACWA Power has completed a major strategic acquisition that significantly expands its footprint in the Gulf’s power and water sectors. The company has finalized the purchase of ENGIE’s stakes in gas-fired power generation and water desalination assets in Bahrain, along with the related operations and maintenance businesses.
The acquisition marks an important step for ACWA Power, which is already recognized as the world’s largest private desalination company and a key player in the global energy transition. The newly acquired portfolio includes minority equity stakes in three large-scale facilities in Bahrain, covering combined-cycle gas turbine power plants and advanced water desalination technologies.
Specifically, ACWA Power now holds a 45 percent stake in the Al Ezzel Independent Power Plant, a 45 percent stake in the Al Dur Independent Water and Power Project, and a 30 percent stake in the Al Hidd Independent Water and Power Project. Together, these assets deliver both electricity and large volumes of desalinated water to support Bahrain’s growing population and industrial needs. In addition, ACWA Power has taken full ownership of Al Ezzel Operations and Maintenance Company, thereby strengthening its in-house capabilities to manage and operate critical infrastructure.
The Bahrain transaction forms part of a wider regional acquisition that also includes assets in Kuwait. While the Bahrain phase has been completed, the Kuwait assets will be transferred after standard technical conditions are finalized. These include a minority stake in the Az Zour North Independent Water and Power Project and partial ownership of its operations and maintenance company.
Across both countries, the combined portfolio represents around 4.6 gigawatts of gas-fired power generation capacity and approximately 1.1 million cubic meters per day of water desalination capacity. The total value of the transaction stands at approximately $ 693 million, before customary adjustments.
ACWA Power’s leadership said the acquisition reinforces the company’s long-term strategy. The assets are already operational and supported by secured offtake agreements, meaning they contribute immediately to stable revenues and reliable service delivery. The deal also strengthens ACWA Power’s presence in Bahrain, while setting the stage for further growth in Kuwait.
By adding these facilities to its operating portfolio, ACWA Power enhances its ability to deliver safe, reliable electricity and clean water across the region. The move aligns with the company’s broader ambition to reach 250 billion US dollars in assets under management by 2030, while supporting regional energy security and water sustainability.
