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Saudi Arabia’s utilities giant ACWA Power has completed the acquisition of the French company Engie’s share in the Al-Zour North One Power and Water Plant (Az-Zour North IWPP) in Kuwait.
The gas-fired IWPP has a power generation capacity of 1.5 Gigawatts (GW) and desalination capacity of 107 million imperial gallons of water per day (MIGD).
In a statement on Kuwait bourse on Wednesday, Shamal Az-Zour Al-Oula Power and Water Company said it has been notified of the move by the Saudi firm.
“We have been notified that the transaction between ACWA Power and Engie regarding the transfer of Engie’s stake in the Al-Zour North One Power and Water plant has been concluded and finalised,” the statement said.
The company confirmed that this transaction does not affect its operations or contractual commitments under the existing energy conversion and water purchase agreement with the ministry of electricity, water and renewable energy.
Engie's held a 17.5 percent shareholding in the IWPP as well as 50 percent stake in Az Zour North O&M company.
In December 2025, ACWA Power had announced that it has successfully completed the acquisition of gas-fired power generation assets with a capacity of 4.6 GW, water desalination assets with a capacity of 1.1 million cubic metres per day (m3/day), and related O&M companies in Bahrain and Kuwait from a subsidiary of Engie.
In February 2025, Engie had announced that it is divesting its power and water desalination assets in Kuwait and Bahrain in line with the Group’s commitment to achieving net zero by 2045.
A related Reuters report said ACWA Power is planning to buy stakes in assets in Kuwait and Bahrain worth $693 million from Engie.
In August, a Saudi-Kuwaiti consortium of ACWA Power and Gulf Investment Corporation signed a 25-year power and water purchase agreement (PWPA) with Kuwait Authority for Partnership Projects (KAPP) and the Ministry of Electricity, Water and Renewable Energy for the $4 billion Az-Zour North 2 and 3 IWPP.
(Writing by N Saeed; Editing by Anoop Menon)
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