(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Aug 10 (KUNA) -- Kuwait Authority for Partnership Projects (KAPP) declared on Sunday signing a commitment document to execute the second and third phases of the North Al-Zour Power and Water project, in coordination with the Ministry of electricity, Water and Renewable Energy.
According to the deal, the winning consortium comprising ACWA Power Company and the Gulf Investment Corporation will design, fund, build, operate and maintain the station that will produce electricity and desalinate water. Public shares will be floated for its execution.
This falls within the framework of Law 39/2010 stipulating establishment of Kuwaiti shareholding companies for construction of power and water desalination stations, along with the amendments, as well as Law 116/2018 regarding partnership between the private and public sectors.
KAPP said in its statement that the venture constitutes a pivotal step as part of the state strategy for meeting mounting needs for water and electricity, back up the national power network and render it ready to cope with the future development projects.
Moreover, it mirrors the government approach to engage the private sector in overhauling the infrastructure, use its expertise in designing, execution and operation, speed up achievements, attain optimal harnessing of the natural resources, besides luring foreign investments.
It is the second project of multi-phased Al-Zour venture that currently produces 2,700 megawatts and desalinates 120 million imperial gallons per day. After the execution of this phase, the output capacity will double.
A group of local and foreign banks are contributing to the project with a value exceeding KD one billion (USD 3.2 billion. (end)
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