ASAR’s Kuwait and Bahrain offices advised French utility developer ENGIE on the Kuwait and Bahrain aspects of its US$693 million strategic regional divestment to ACWA Power.
The transaction involved the sale by ENGIE’s UAE subsidiary of its direct and indirect interests in power generation and operations and maintenance entities in Kuwait and Bahrain to ACWA Power. The divestment forms part of ENGIE’s strategy to refocus its activities towards renewable and low-carbon energy solutions and its commitment to achieving net-zero emissions by 2045.
ASAR advised on the Kuwait and Bahrain aspects of the transaction, including the relevant local legal and regulatory requirements, and continues to advise on outstanding regulatory matters.
The Kuwait team was led by Ibrahim Sattout, Partner, and Luis Cunha, Partner, with Ahmed Eldib, Senior Associate, and Hussein M. Azmy, Senior Associate. The Bahrain team was led by David Walker, Partner, with Sherif Saad Eldin, Senior Associate.
