Saudi utilities major Acwa Power has completed the acquisition of French energy giant Engie’s stake in the Al Zour North One Power and Water Plant (Az-Zour North IWPP) in Kuwait, said the project developer Shamal Az Zour Al Oula Power and Water Company.

The company is 50% is owned by Kuwaiti citizens, distributed through a public offering by the Kuwait Authority for Partnership Projects (KAPP); while 40% is owned by a private consortium comprising Engie, Sumitomo Corporation, and AH Al Sagar & Brothers and the rest 10% by the Kuwait Investment Authority (KIA) and the Public Institution for Social Security (PIFFS).

In its filing to Kuwait bourse, Shamal Az Zour Al Oula Power and Water Company said it has been notified of the acquisition move by Acwa Power.

"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," it added.

The Az-Zour North IWPP is the first privately-owned gas-fired combined cycle power and water desalination plant in Kuwait, that boasts over 1.5GW electricity and a desalination capacity of 107 million imperial gallons of water per day (MIGD).

In December last year, 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 cu m per day and related O&M companies in Bahrain and Kuwait from a subsidiary of Engie. 

Following the transaction, the Saudi utility giant has confirmed snapping up the entire 17.5% shareholding of Engie in the  IWPP facility.

This deal, however 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, it added.-TradeArabia News Service