Saudi Arabia's ACWA Power to buy Engie's share in Kuwait and Bahrain assets

Adds ACWA CEO quote, details in paragraphs 4-6

By Hadeel Al Sayegh

DUBAI, Feb 19 (Reuters) - Saudi Arabia's ACWA Power 2082.SE plans to buy stakes in assets in Kuwait and Bahrain worth $693 million from French utility developer Engie ENGIE.PA, 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.