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 per cent owned by Kuwaiti citizens, distributed through a public offering by the Kuwait Authority for Partnership Projects (KAPP); 40 per cent by a private consortium comprising Engie, Sumitomo and AH Al Sagar & Brothers and the rest by the Kuwait Investment Authority and the Public Institution for Social Security (PIFFS).

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).

“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,” stated Shamal Az Zour Al Oula in its filing to Kuwait bourse.

In December last year, Acwa Power said it had completed the acquisition of gas-fired power generation and water desalination assets as well as 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 per cent shareholding of Engie in the IWPP facility.