ACWA Power has signed a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 2 GW wind project in Egypt. The US$2.3bn project is expected to reach financial close in 2026 and should help Egypt meet its target to increase renewable energy share in its electricity generation mix to 42% by 2030.
In addition, ACWA Power has signed a a Share Purchase Agreement (SPA) to acquire stakes in power and water desalination assets in Kuwait and Bahrain from ENGIE. This acquisition includes operating capacities of 4.6 GW of gas-fired power generation and 1.11 m3/day of water desalination facilities, as well as the related operations and maintenance companies in Kuwait and Bahrain. In Kuwait, ENGIE will sell its 17.5% stake in the Az Zour North plant (1,519 MW). In Bahrain, ENGIE will divest shares in three gas power and water desalination plants: Al Dur (45%, 1,214 MW), Al Ezzel (45%, 940 MW), and Al Hidd (30%, 929 MW), along with their associated operations and maintenance companies.
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