Saudi Arabia’s ACWA Power has expanded its portfolio by acquiring a $693 million stake in power generation and water desalination companies across Bahrain and Kuwait. The deal strengthens the company’s position in the regional energy sector and aligns with its long-term growth strategy.
The acquisition includes a 45 percent stake in Bahrain’s Al-Ezzel and Al-Dur projects, a 30 percent stake in the Al-Hidd facility, and an 18 percent stake in Kuwait’s Az Zour North. The company has also secured ownership in related operation and maintenance firms, including Az Zour North O&M Co. and full ownership of Al-Ezzel O&M Co.
ACWA Power’s CEO Marco Arcelli emphasized that this move reinforces the company’s leadership in water desalination while expanding its presence in key Gulf markets. “This acquisition consolidates our presence in Bahrain and marks our entry into Kuwait, where we have recently submitted a bid for a major power and desalination plant,” he stated.
The newly acquired assets add 4.61 gigawatts of gas-fired power generation and 1.11 million cubic meters per day of water desalination capacity to ACWA Power’s portfolio. With a goal of tripling its assets under management to $250 billion by 2030, the company views this expansion as a critical step in advancing sustainable and cost-efficient energy solutions in the region.
