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.

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.

ACWA Power has acquired Engie's stakes in four gas-fired power and water desalination plants in Bahrain and Kuwait for $693 million.

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

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

Engie is divesting its 17.5% stake in the 1.5 GW Az Zour North gas and desalination plant in Kuwait, along with its 50% stake in the associated operations and maintenance company. Additionally, the company is selling its interests in Bahrain, which include a 45% stake in the Al Dur 1.2

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.

Engie, the French utility, has agreed to sell its stakes in power and water desalination plants in Kuwait and Bahrain to ACWA Power for $693 million. The deal marks Engie's exit from both countries and aligns with its net-zero emissions target by 2045 .

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, the world's largest private water desalination company, leader in energy transition, and first mover into green hydrogen, has announced the signing of a share purchase agreement with the regional subsidiary of French utility developer Engie, to acquire prime assets in key GCC markets of Bahrain and Kuwait for $693 million.