Engie Exits Kuwait, Bahrain With $693 Million Sale to Saudi Firm

France’s Engie SA agreed to sell its power and water assets in Kuwait and Bahrain to Acwa Power Co. for $693 million.

The divestment comprises gas-fired electricity generation and water desalination. Although Engie had built some of the Middle East’s largest fossil-fueled power stations, the French utility has been pivoting more toward clean energy in recent years as it chases net zero targets.

Acwa will acquire stakes in three plants totaling more than 3 gigawatts of power capacity and 138 million gallons a day of desalination in Bahrain, as well as Engie’s share of the 1.5-gigawatt Az Zour North project ...