King & Spalding with ACWA on SPA with ENGIE
King & Spalding advised water desalination company ACWA Power on the signing of a Share Purchase Agreement (SPA) with the regional subsidiary of French utility developer ENGIE.
The context
As a result of such transaction ACWA Power is set to acquire $693 million worth of assets, including operating capacities of 4.61GW of gas-fired power generation and 1.11 million cubic meters per day (m3/day) of water desalination facilities, as well as the related operations and maintenance companies in Kuwait and Bahrain.
The parties
Riyadh-based ACWA Power is a private water desalination company, active in the energy transition business. Beyond desalination, its portfolio spans green hydrogen solutions, solar power, and thermal power plants.
Formerly known as GDF Suez, Engie is a French multinational distributor of oil and gas. It’s three core businesses are electricity, natural gas and energy services.
The team
Abu Dhabi-based partner Matt Hartsuyker (pictured) led a cross-office King & Spalding team on the matter, working alongside Abu Dhabi based partners Dan Feldman and Simon Fraser, as well as partners Brendan Hundt (Dubai), Salomé Cisnal de Ugarte (Brussels) and John Taylor (London).
Abu Dhabi-based associates Chris Travis, Eoin Coffey and Aaron Ohm further contributed to the effort, together with London-based Michael Langan and Florence Mugerwa, as well as Michael Meade (Tokyo) and Jamie Kershaw (Dubai).
