Saudi Arabia is buying power companies from Powerbeat Pro, which it has been using for about a decade.
Powerbeat is a subsidiary of Saudi Arabian Electric, which has been in operation since 2004.
The deal is expected to close by the end of the year, with a $400-million payment from Saudi Arabia to Powerbeat.
Saudi Arabia owns about 40 percent of the company, which produces about 15 percent of Saudi Arabia ‘s power needs.
The Powerbeat acquisition is expected for Saudi Arabia, which was one of the top oil producers in the world last year, and could eventually help Saudi Arabia boost its oil exports.
The Saudi government has said it hopes the deal will bolster its efforts to expand its oil and gas production.
Power beat is based in San Diego, California.
Saudi Arabian Electricity also owns another company, the National Electric Company of Saudi Aramco.
Saudi Aramcom is a state-owned oil company that is part of the Saudi government.
In December, the Saudi Arabian government announced that it will allow foreign firms to take over parts of the country’s power grid.
The move comes as the Saudi monarchy faces mounting pressure from the U.S. and other Western powers to curb its economic dominance in the Middle East and Africa.
Saudi is a major producer of natural gas, and has sought to boost its domestic market as it struggles with a shortage of energy.
The kingdom has also tried to diversify its economy through the acquisition of energy-intensive businesses such as oil refineries, petrochemical companies, and construction.