King & Spalding Advised ACWA Power On Share Purchase Agreement With ENGIE
King & Spalding Advised ACWA Power On Share Purchase Agreement With ENGIE
King & Spalding has advised ACWA Power on the signing of a Share Purchase Agreement (SPA) with the regional subsidiary of French utility developer ENGIE. The transaction will see ACWA Power acquire assets worth $693 million, including 4.61GW of gas-fired power generation capacity and 1.11 million cubic meters per day (m³/day) of water desalination facilities, along with the associated operations and maintenance companies in Kuwait and Bahrain.
Riyadh-based ACWA Power is a private water desalination company with a strong presence in the energy transition sector. In addition to desalination, its portfolio includes green hydrogen solutions, solar power, and thermal power plants.
ENGIE, formerly known as GDF Suez, is a French multinational specializing in electricity, natural gas, and energy services.
King & Spalding’s Abu Dhabi-based partner, Matt Hartsuyker, led a cross-office team on the transaction, working alongside partners Dan Feldman (Abu Dhabi), Simon Fraser (Abu Dhabi), Brendan Hundt (Dubai), Salomé Cisnal de Ugarte (Brussels), and John Taylor (London).
