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

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.

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

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 .