Saudi Arabia-based energy company ACWA Power has signed a share purchase agreement with the regional subsidiary of French utility developer ENGIE to acquire assets located in Bahrain and Kuwait valued at $693m.

Saudi Arabia's ACWA Power plans to buy stakes in assets in Kuwait and Bahrain worth $693 million from French utility developer ENGIE , according to a joint statement on Wednesday.

France’s Engie SA agreed to sell its power and water assets in Kuwait and Bahrain to Acwa Power Co. for $693 million.

The acquisition, estimated at a cost of $693 million, encompasses 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.

ACWA Power will acquire ENGIE's shares in the four key operating assets. This includes an 18% stake in the Az Zour North (IWPP) in Kuwait, alongside 45% stakes in both the Al Ezzel (IPP) and Al Dur (IWPP) projects, as well as a 30% stake in the Al Hidd (IWPP) facility, all situated in Bahrain.

ACWA Power Co.signed an agreement to acquire power and water assets in Kuwait and Bahrain for 2.6 billion riyals ($693 million). For more news