Acwa Power acquires Engie stake in Kuwait’s key utility project. Saudi Arabia’s Acwa Power completes the purchase of French firm Engie’s full share in the Al Zour North One Power and Water Plant. Shamal Az Zour Al Oula Power and Water Company confirms the deal to the Kuwait bourse.
Deal Details Confirmed
Acwa Power acquires Engie stake through a finalized transfer notified to the project owners. The plant’s ownership is split, with 50% held by Kuwaiti citizens via a public offering from the Kuwait Authority for Partnership Projects. A private consortium previously owned 40%, including Engie’s 17.5% portion, while 10% rests with the Kuwait Investment Authority and Public Institution for Social Security.
The transaction hands Acwa Power Engie’s entire 17.5% holding without disrupting plant operations or contracts. Ministry of Electricity, Water, and Renewable Energy agreements remain intact for energy conversion and water purchases. Acwa Power now strengthens its footprint in Kuwait’s private power sector.
Plant Operations Overview
Al Zour North One operates as Kuwait’s first privately-owned gas-fired combined cycle facility. Developers built it to generate over 1.5 gigawatts of electricity alongside 107 million imperial gallons of desalinated water daily. The plant supports Kuwait’s energy and water demands through efficient independent power and water production.
Broader Acquisition Context
Acwa Power announced in December 2025 the buyout of Engie assets across Bahrain and Kuwait. That larger deal covered 4.6 gigawatts of gas-fired power capacity and 1.1 million cubic meters per day of desalination, plus related operations and maintenance firms. Kuwait’s Az Zour North One forms a core part of this strategic expansion.
The move positions Acwa Power as a dominant player in Gulf utilities. Saudi firms are increasingly securing stakes in regional infrastructure to meet rising power needs. Kuwait regulators approved the shift, ensuring seamless continuity for end-users.
Regional Impact
Acwa Power acquires Engie stake to bolster Gulf energy security. The transaction highlights growing Saudi investment in Kuwaiti projects amid stable public-private partnerships. Observers note it reinforces Acwa Power’s portfolio in combined power and desalination across the region.
