Kuwait’s Partnerships Technical Bureau (PTB) has reached financial close with a consortium led by France’s GDF Suez (17.5%) and Japan’s Sumitomo (17.5%) for development of the Al-Zour North independent water and power producer (IWPP) project. Kuwait’s A H Al Sagar and Brothers will have 5% and Kuwait government entities the remaining 60%.

The consortium will build a 1.5GW gas-fired combined-cycle power plant and an associated 486,000 cmd desalination plant that will account for around 10% of Kuwait’s installed power capacity and 20% of its desalination capacity. Kuwait’s Ministry of Electricity and Water will receive its output under a 40-year energy conversion and water purchase agreement. Construction will begin by the end of 2013 with a view to commercial operation in fourth quarter 2016, Sumitomo says. (CONTINUED - 274 WORDS)