France-headquartered low-carbon energy business Engie SA (ENGI) on Wednesday announced the signing of a sale and purchase agreement for the divestment of its shareholding in Az Zour North, a combined gas and water desalination plant in Kuwait, three gas power and water desalination plants in Bahrain, and the associated operations and maintenance companies to ACWA Power.
Financial details of the transaction have not been disclosed.
This transaction marks ENGIE's exit from these two countries and aligns with the Group's commitment to achieving net zero by 2045. The transaction is aimed at strengthening its strategic focus with the divestment of power and water desalination assets in Kuwait and Bahrain.
In Kuwait, ENGIE would divest its 17.5 percent shareholding in Az Zour North, a 1.5 GW capacity gas and desalination plant, capable of producing 107 million imperial gallons of water daily. ENGIE would also divest its 50 percent stake in Az Zour North O&M company.
In Bahrain, the divested assets consist of a 45 percent share in Al Dur, a 1.2 GW gas power production and 48 MIGD water desalination plant; a 45 percent share in Al Ezzel, a 0.9 GW gas power production plant and a 100 percent share in Al Ezzel O&M, the company ensuring operations and maintenance of Al Dur and Al Ezzel facilities. A 30-percent share in Al Hidd, a 0.9 GW gas power production and 90 MIGD water desalination plant, and in the integrated O&M company has also been divested.
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