In a strategic move, ACWA Power, a Saudi Arabian utility giant, has agreed to purchase the stakes of France's Engie in four gas-fired power plants and water desalination facilities in Bahrain and Kuwait for a total of $693 million. The acquisition includes an operating capacity of 4.61 GW of gas-fired power generation and 1.11 million m3/day of water desalination facilities in addition to related operations and maintenance companies in the two countries. ACWA Power's acquisition of Engie's shares in the operating assets is part of its plan to triple its assets under management to $250 billion by 2030, ensuring secured revenue streams. ACWA Power's CEO Marco Arcelli highlighted the company's strengthened presence in Bahrain and its entry into Kuwait through this deal. ACWA Power, traditionally involved in oil and gas power plants and desalination projects, has shifted focus towards renewable energy and green hydrogen initiatives. The company recently signed agreements for green hydrogen projects in Japan and is actively participating in the Neom Green Hydrogen Project, a significant plant for exporting green hydrogen. The financial close and long-term offtake agreement for the Neom project emphasize ACWA Power's commitment to green energy ventures in the Middle East.