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.