Saudi Arabia's ACWA Power (2082.SE), opens new tab plans to buy stakes in assets in Kuwait and Bahrain worth $693 million from French utility developer Engie (ENGIE.PA), opens new tab, the companies said in a joint statement on Wednesday.
The share purchase agreement covers operating capacities of 4.61 GW of gas-fired power generation and 1.11 million cubic meters per day (m3/day) of water desalination facilities, they said.
It also includes the related operations and maintenance companies in Kuwait and Bahrain, it added.
"We consolidate our presence in Bahrain where we are already a reliable supplier of power and water, and we enter Kuwait, where we recently submitted a bid for a large power and desalination plant," ACWA Power CEO Marco Arcelli said.
The transaction comprises of an 18% stake in the Az Zour North in Kuwait. Additionally, ACWA is also acquiring 45% stakes in both the Al Ezzel and Al Dur projects, as well as a 30% stake in the Al Hidd facility, all situated in Bahrain.
ACWA Power will also acquire a portfolio of companies responsible for the operation and maintenance of the four assets, it said.
Completion of the transaction is subject to customary regulatory and other stakeholder approvals.
