In a statement given to the Tadawul (Saudi Stock Exchange), the company announced that it has acquired gas-fired power generation assets with a capacity of 4.6 gigawatts, along with the water desalination assets with a capacity of 1.1 million cubic meters per day, related operations and maintenance companies 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 USD 693 million. The deal includes a 45% interest in both the Al-Ezzel and Al-Dur projects as well as a 30% holding in the Al-Hidd facility, all situated in Bahrain,” reported Arab News.

The arrangement also covers ENGIE’s interests in gas-fired power generation and water desalination assets in Bahrain. The Kuwait assets, which form part of the broader transaction perimeter, will be transferred following the completion of customary technical conditions. The Kuwait portfolio includes a 17.5% equity stake in Az Zour North IWPP (Independent Water and Power Plant/Project) as well as 50% ownership in Az Zour North Operations & Maintenance Co.

Marco Arcelli, ACWA Power’s CEO, commented, “The completion of the Bahrain-related phase of this larger acquisition marks a pivotal milestone for ACWA Power. It reinforces our position as a global leader in water desalination, significantly extends our footprint in the regional power generation market, and consolidates our presence in the attractive and dynamic Bahrain market, with Kuwait to follow. These fully operational assets, underpinned by secured offtake contracts, strengthen our financial position and enable us to continue providing safe and reliable power and water to local communities and industries across the region.”

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

In December 2025, 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 various phases. These acquisitions are seen as cornerstones of ACWA Power, fulfilling its broader objective of reaching USD 250 billion in assets under management by 2030.

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The total outstanding amount of existing senior debt and accrued interest which is being paid using the proceeds of the new facility is $763 million. The latest financing facility is expected to save money in financing costs for RAWEC. The $800 million senior financing facility is expected to be drawn down prior to the end of Dec 2021.

RAWEC is independent water, steam & power producer and it is also an integral refinery and petrochemical complex owned by Rabigh Refining and Petrochemical Co. Indirectly, ACWA Power holds 99 percent equity stakes in RAWEC through its wholly-owned subsidiaries. Earlier this year, ACWA Power which is partly owned by Saudi Arabia’s sovereign Public Investment Fund (PIF), where it closed an agreement for $1.33 billion in senior debt for a multi-utilities project at Saudi Arabia’s Red Sea project.

In other news, Saudi Arabia is in talks with banks to amend the terms of a $16 billion loan in 2023 and possibly reduce the size of the facility. Currently, the discussion between the ministry of finance is at an early stage and no decision has been taken yet.

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The funds will be arranged from a consortium including Al Rajhi Bank, Banque Saudi Fransi, The Saudi British Bank, Arab Petroleum Investment Corporation, Standard Chartered Bank, and Riyad Bank.

The Red Sea Development tourism project will be developed by a consortium led by ACWA Power. Other member includes SPIC Huanghe Hydropower Development Co., and Saudi Tabreed. ACWA Power holds the majority stake of 50 percent.

Recently, ACWA Power agreed to a $108 million deal to develop a 100MW Nukus wind farm in Uzbekistan. The wind farm will be located in the Karakalpakstan region in north-western Uzbekistan.

ACWA Power president and chief executive Paddy Padmanathan told the media, “Uzbekistan is undergoing tremendous change as it progresses quickly towards an industrialised, connected and economically prosperous future.

“To achieve these goals, energy demand is set to increase rapidly and we at ACWA Power have the expertise, experience and technological know-how to deliver on these ambitions while ensuring the trajectory to achieving the net zero commitment, all as demonstrated by our work in our home market of Saudi Arabia, and beyond.

“We look forward to continue working with our government partners in Uzbekistan in realising their plans.”

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The project is being developed under the Public Investment Fund (PIF) renewable energy programme and is expected to cost around $906.5 million.

The project is in line with the Kingdom’s aims for an energy transition and diversification. The Kingdom plans to generate around 70 percent of the country’s renewable energy under the National Renewable Energy Programme (NREP).
ACWA Power revealed that the first phase of the project is expected to begin producing electricity during the second half of 2022. It is located in the industrial city of Sudair.

It was also reported that Saudi Aramco Power (SAPCO), a fully owned subsidiary of Aramco, has joined the consortium to develop Sudair Solar plant.

ACWA Power is also reportedly preparing for its initial public offering (IPO). Last month, it was reported that ACWA Power was planning to invest $16 billion in new projects this year.

Rajit Nanda, ACWA’s chief portfolio management and interim chief investment officer told the media, “The only challenge that we had on the new growth business is that some of the transactions where we were successful have taken anywhere between three to six months more in coming to what I would call the end of the development phase, which is the financial close and start of the construction.”

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ACWA Power, a global leader in water desalination and power generation, and MDC Power Holding Company, an entity fully owned by Mubadala Investment Company will own 40 percent each while FEWA will own the remaining 20 percent stake of the plant.

The government of Umm Al Quwain will also join as a partner but will acquire a stake at a later date. The desalination plant is expected to produce 150 imperial gallons per day by using the seawater reverse osmosis technology.

Construction of the desalination plant will begin in the second half of 2019. The plant is expected to be operational by 2021.The project highlights UAE’s commitment to optimise water production. It will also be the largest desalination project in the UAE’s Northern Emirates.

FEWA director general, Mohammad Mohammad Saleh told the media the project is in line with the organisations ambitious vision of meeting the growing water demands in the northern part of UAE. He also added that FEWA will continue to invest in its water facilities infrastructure and adapt new technologies to enhance sustainable developments.

Suhail Mohamed Al Mazrouei, UAE minister of Energy and Industry and chairman of FEWA told the media that the project is FEWA’s first asset in partnership with the private sector. Its implementation will reinforce UAE’s Water Security Strategy 2036 as well as bolster its core programmes.

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The Saudi power company is also expected to enter into negotiations with Egypt’s Egyptian Electricity Transmission Company (EETC) after it submitted the lowest bid for a 200-megawatt solar power plant in Kom Ombo, Utilities Middle East reported. Egypt’s Ministry of Electricity seeks to produce 20 percent of the African country’s power from renewable energy sources by 2022.

Pakistani officials have said that ACWA Power is interested in investing around $4 billion in Pakistan’s renewable energy sector, according to the Business Recorder. Transmission losses are very high in Pakistan because power companies have to supply extremely far-flung areas. ACWA Power has operations in 10 countries in the Middle East and North Africa, southern Africa,  and southeast Asia.

Earlier in January,  Pakistan’s Information Minister Fawad Chaudhury had announced that ACWA Power will invest in Pakistan’s renewable energy sector. He made the announcement during a meeting with a visiting Saudi delegation. The Pakistan Board of Investment had then said that the country was expecting $15 billion in Saudi investments in the next three years.

 The deals with the Chinese companies were announced as part of the Belt and Road Forum for International Cooperation. ACWA Power signed a deal with a subsidiary of PowerChina to act as the EPC contractor for the Al Taweelah desalination plant in Abu Dhabi. The Saudi power company then signed a deal with CGGC, making CGGC the EPC contractor for Nam Dinh 1, a Greenfield independent power project (IPP) in Vietnam. The deal with Bank of China involves general financial services agreements for the Vietnam power project.

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The French investment corporate bank Natixis and Saudi Arabia’s investment banking Riyadh Capital are also selected to facilitate IPO for the energy company.

ACWA Power has built a wide portfolio as developer, investor, co-owner and operator of power generation and water projects in the Middle East, Africa and Southeast Asia, according to Energy World. The company is hoping to sell 30% stake to investors.

Public Investment Fund of Saudi Arabia is close to deciding an agreement with ACWA Power to buy 10% stake in the company. It is said the IPO could be one of the first major listings to encourage foreign investor participation in the country.

Based on reports, ACWA Power’s generation capacity holds over 22 GW of power, with more than US$30bn investments.

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