ACWA Power leads consortium to develop Az-Zour North project in Kuwait

The signing of the agreement

ACWA Power Co. and its partner Gulf Investment Corporation (GIC) signed today an agreement with the Kuwait Authority for Partnership Projects (KAPP) to develop two phases of Az-Zour North water and power plant with total investment exceeding $4 billion.

The phases two and three of the Az-Zour North project will have a net power generating capacity of at least 2.7 gigawatts and a desalination capacity of 120 million gallons of water daily, Acwa Power and GIC said in a statemen.

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Under a 25-year agreement, the ACWA Power-led consortium will design, finance, build, operate, maintain and transfer the plant and its associated facilities.

The ACWA Power-led consortium and KAPP will establish a project company, where the consortium will hold 40% and KAPP will retain 60% of the company’s share capital, according to the statement.

KAPP will then allocate 50% of the company’s capital for public subscription by Kuwaiti citizens after the project becomes fully operational and is listed on the Kuwait Stock Exchange, the statement said.

The project will help boost the efforts aimed at bolstering Kuwait’s electricity infrastructure and water security system, in addition to providing jobs to Kuwaiti cadres throughout the development and operation phases, the statement added.