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Acwa Power snaps up Kuwaiti, Bahraini assets from Kahrabel: Homegrown renewables giant Acwa Power sealed a SAR 2.6 bn share purchase agreement with Kahrabel — the Mena operations arm of France’s Engie — that will see Acwa Power acquire a 4.6 GW portfolio of power generation and water desalination assets, it said in a filing to Tadawul. The move marks the company’s entry into the Kuwaiti market and expands its reach in Bahrain.
Four plants, one play: The agreement will see Acwa Power tap its own resources and take on additional debt to secure an 18% stake in the 1.52 GW Az-Zour North plant in Kuwait, a 45% stake in each of Bahrain’s 940 MW Al Ezzel and 1.22 GW Al Dur plants, and a 30% stake in the 930 MW Al Hidd plant.
About the arrangement: The purchase is set to be made through a special purpose vehicle and involves buying stakes in the four independent power and water projects (IWPPs), along with their associated operations and maintenance businesses. The transaction is pending regulatory approvals and fulfilling certain conditions under the agreement before the transfer of ownership.
ICYMI- Acwa Power has been active: Acwa Power signed a SAR 8.6 bn power purchase agreement with the Egyptian Electricity Transmission Company earlier this week to set up a 2 GW wind farm in Egypt’s South Hurghada and is also constructing a 1.1 GW farm in the Gulf of Suez worth USD 1.2 bn with Egypt’s Hassan Allam Utilities. Earlier this month, it inked seven partnership agreements for green hydrogen and desalination projects with local and international partners.
Big ambitions: The Riyadh-based giant aims to expand its renewables, green hydrogen, and desalination portfolio to about USD 250 bn by 2030.
IN OTHER M&A NEWS-
Saudi Aramco inked definite agreements to acquire a 25% stake in Philippines-based UniOil Petroleum, state news agency SPA reports. The move comes as part of the oil giant’s strategy to expand its global downstream assets and follows recent similar acquisitions in Chile and Pakistan. The value of the transaction, which is pending regulatory approvals and standard closing conditions, was not disclosed.
