backKing & Spalding advises ACWA Power on its purchase of ENGIE power generation and water desalination assets in Bahrain and Kuwait.
King & Spalding has represented ACWA Power – the world’s largest private water desalination company and leader in energy transition – on its $693 million share purchase agreement with the regional subsidiary of the French utility developer ENGIE to acquire ENGIE’s interests in operating assets in Kuwait and Bahrain representing total operating capacities of 4.61GW of gas-fired power generation and 1.11 million cubic meters per day (m3/day) of water desalination facilities, as well as interests in the associated operations and maintenance companies.
Under the terms of the agreement, ACWA Power will purchase ENGIE's shares in four key operating assets. This includes an 18% share in the Az Zour North (IWPP) in Kuwait and 45% shares in both the Al Ezzel (IPP) and Al Dur (IWPP) projects, as well as a 30% share in the Al Hidd (IWPP) facility, all located in Bahrain. Transaction close is subject to customary regulatory and other approvals.
The King & Spalding team was led by Abu Dhabi based Partner Matt Hartsuyker, and included lawyers from the Abu Dhabi, Dubai, Riyadh, London, Brussels and Tokyo offices including Dan Feldman, Simon Fraser, Brendan Hundt, Salomé Cisnal de Ugarte, John Taylor, Chris Travis, Eoin Coffey, Raphael Fleischer, Kateryna Frolova, Michael Langan, Aaron Ohm, Saud Aldaswari, Michael Mead, Ted Landray, and Florence Mugerwa.
Commenting on the transaction, Partner Matt Hartsuyker said, “It was a real privilege for King & Spalding to work with the ACWA Power team on this complex transaction which represents a highly strategic step in achieving ACWA Power’s expansion goals.”