Latest news with #KAPP
Zawya
21 hours ago
- Business
- Zawya
Kuwait to tender Al-Khairan IWPP soon: Report
Kuwait Authority for Partnership Projects (KAPP) will tender seven to eight projects, including Al-Khairan independent water and power plant (IWPP) soon, according to a news report. The tender documents will soon be approved for the IWPP, acting director general Asmaa Al-Mousa told Al Arabiya Business. The Al-Khairan project is located south of Kuwait City, with a power generation capacity of 1,800 megawatts (MW) and desalination capacity of 125 million imperial gallons per day (MIGD). She said the authority is working on major r enewable energy projects, including the Shagaya and Dabdaba projects currently under tender, in addition to several other projects undergoing economic feasibility studies. (Writing by P Deol; Editing by Anoop Menon) (
Arabian Business
a day ago
- Business
- Arabian Business
ACWA Power-led consortium wins $4bn power project in Kuwait
A consortium, led by Saudi Arabia's ACWA Power and Kuwait's Gulf Investment Corporation (GIC), has won the contract to develop Az-Zour North Phase 2 & 3 Independent Water and Power Project (IWPP) in Southern Kuwait. The consortium signing the Letter of Agreement with the Kuwait Authority for Partnership Projects Authority (KAPP) and the Ministry of Electricity, Water and Renewable Energy (MEWRE). The project is set to be the largest integrated power and water plant in Kuwait, with a net power generation capacity of at least 2,700 megawatts and a net desalinated water production capacity of at least 120 million imperial gallons per day (MIGD). The megaproject will be built at a total investment cost exceeding US$4 billion. ACWA Power leads mega Kuwait project The Riyadh-headquartered ACWA Power is the world's largest private water desalination company, and a leader in energy transition and a first mover into green hydrogen. Under a 25-year offtake agreement, the consortium will design, finance, build, operate, maintain and transfer the plant and its associated facilities under a BOT (Build-Operate-Transfer) model. The consortium and KAPP will establish a project company, where the consortium will hold 40 per cent and KAPP will retain 60 per cent of the company's share capital. KAPP will later allocate 50 per cent of the company's capital for public subscription by Kuwaiti citizens when the project becomes fully operational by 2029. It will be listed on the Kuwait Stock Exchange. Raad Al Saady, Vice Chairman and Managing Director of ACWA Power, commented: 'This landmark agreement for the Az-Zour North Phase 2 & 3 IWPP reflects ACWA Power's commitment to supporting Kuwait's ambitious development agenda through a project of strategic national importance. 'We look forward to bringing our experience from a diverse portfolio of projects worldwide and applying our expertise in the Build-Operate-Transfer model in close partnership with our counterparts in Kuwait. Together, we will work to enhance the reliable and sustainable delivery of power and water in Kuwait, further strengthening our shared efforts towards energy transition and water security.' This project will support Kuwait's electricity generation and water security infrastructure, while creating employment opportunities for Kuwaitis during both construction and operational phases. It will be the second phase of the Al-Zour venture that currently produces 2,700 megawatts and desalinates 120 MIGDs. Once the second phase is operational, the output capacity will double. GIC is considered a pioneer in Public-Private Partnership (PPP) infrastructure projects in the region where it successfully developed and owns 10 infrastructure projects. Ibrahim Ali Al-Qadhi, CEO of Gulf Investment Corporation, added: 'We are proud to contribute to the development of strategic infrastructure projects in Kuwait through Az-Zour North Phase 2 & 3 IWPP. This project represents a landmark investment in the GIC portfolio, utilising the latest technologies and highest global standards in power generation and water desalination. 'GIC is committed to ensuring the provision of sustainable electricity and water resources at competitive economic costs to support Kuwait's social and economic prosperity.' In a statement, KAPP said 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 future development projects. It also delivers on the government's aim to engage the private sector in overhauling the infrastructure, use its expertise in designing, execution and operation, speed up the executions, besides luring foreign investments.
Zawya
a day ago
- Business
- Zawya
ACWA Power-led consortium signs 25-year PPA for $4bln Az-Zour North 2 & 3 IWPP in Kuwait
The Saudi-Kuwaiti consortium of ACWA Power and Gulf Investment Corporation has signed a 25-year power and water purchase agreement (PWPA) with Kuwait Authority for Partnership Projects (KAPP) and the Ministry of Electricity, Water and Renewable Energy for the $4 billion Az-Zour North 2 and 3 Independent Water and Power Project (IWPP). Located in Al-Zour, south of Kuwait, the project will provide a net power generation capacity of 2,700 megawatts (MW) and net desalination capacity of 120 million imperial gallons per day (MIGD), according to a press statement by the Saudi-listed ACWA Power. The ACWA Power-led consortium will design, finance, build, operate, and maintain the plant under a Build–Operate–Transfer (BOT) model. KAPP will hold a 60 percent stake in the project company to be established for the project. Fifty percent of KAPP's share will later be offered to Kuwaiti citizens through a public subscription after the plant becomes operational and the company is listed on the Kuwait Stock Exchange, according to the statement. (Writing by Deva Palanisamy; Editing by Anoop Menon) (
Business Recorder
a day ago
- Business
- Business Recorder
Kuwait signs contracts for $3.27bn power plant project
KUWAIT: The Kuwait Authority for Partnership Projects (KAPP) signed contracts on Sunday with Saudi's ACWA Power and the Gulf Investment Corporation for phases two and three of the Al-Zour North power plant. The value of these phases of the power plant exceeds 1 billion Kuwaiti dinars ($3.27 billion), the Kuwaiti authority's director general told Reuters. Asmaa Al-Mousa said that the investors, not the government, will bear the cost. The signing ceremony on Sunday sets in motion one of the country's biggest electricity projects as it seeks to address severe electricity shortages. Once completed, the Al-Zour North project will produce 2.7 gigawatts (GW) of power and 120 million gallons of water daily using combined-cycle technology, with construction set to take three years. Kuwait expects a significant improvement in electricity services once several major projects come online, including a large-scale venture with China, Adel Al-Zamel, the undersecretary of the Ministry of Electricity, Water and Renewable Energy said during the signing event. Since last year, the government has resorted to planned power cuts in some areas to reduce the load. 'If (the projects) go according to plan, by 2028 our situation will be much better,' Al-Zamel told reporters. Kuwait hopes to sign an implementation agreement with China in the first quarter of 2026 for phases three and four of the Shagaya renewable energy project, with a combined capacity of 3.2 gigawatts (GW), Al-Zamel said.
Argaam
2 days ago
- Business
- Argaam
ACWA Power leads consortium to develop Az-Zour North project in Kuwait
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. 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.
