ACWA Power has signed a share purchase agreement with the regional subsidiary of ENGIE to acquire assets in Bahrain and Kuwait worth $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.

Dubai Saudi Arabia's ACWA Power has entered into a definitive agreement to acquire significant stakes in power gener

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.

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