Kuwait has signed a preliminary agreement with a consortium of Saudi Arabia’s Acwa Power and the Gulf Investment Corporation (GIC) to develop the emirate’s first new large-scale power plant since 2016. The 2.7GW, 545,000 m³ Az-Zour North 2&3 independent water and power project (IWPP) will be Kuwait’s largest integrated power and water project, says Acwa.
The consortium signed a Letter Agreement on 10 August with the Kuwait Authority for Partnership Projects (KAPP) and the Ministry of Electricity (MEWRE), committing the partners to sign a 25-year Energy Conversion and Water Purchase Agreement (ECWPA). The consortium will invest more than $4bn in the project. (CONTINUED - 960 WORDS)
