Riyadh - Mubasher: Acwa Company and Gulf Investment Corporation (GIC) signed an energy conversion and water purchase agreement (ECWPA) for Az-Zour North Phase 2 & 3 IWPP project in Kuwait.
The consortium penned the 25-year deal with the Kuwaiti Ministry of Electricity, Water and Renewable Energy (MEWRE), according to a press release.
With a total investment exceeding $4 billion, this project enables the development of one of Kuwait’s largest integrated power and water plants.
Mohammad Abunayyan, Chairman of Acwa, stated: “Az-Zour North Phase 2 and 3 is a project of national importance and reflects Acwa’s strong commitment to supporting Kuwait’s development ambitions.”
He added: “By bringing together our scale, efficiency, and global best practices, we aim to deliver reliable power and water at competitive costs, while demonstrating how strong public-private partnerships can create lasting economic and social value.”
Once completed, the plant will deliver a net power generation capacity exceeding 2,700 megawatts (MW) and up to 120 million imperial gallons per day (MIGD) of desalinated water per day, reinforcing Kuwait’s electricity generation capacity and water security infrastructure.
The project is located approximately 100 kilometers south of Kuwait City, adjacent to the existing Az-Zour North Phase 1 facility, along the southeastern coastline Kuwait near the Kuwaiti-Saudi border.
It will comprise a combined cycle gas turbine (CCGT) power plant fueled by natural gas, with gasoil back-up, alongside a seawater reverse osmosis (RO) desalination facility.
The project company will be jointly owned by Acwa and GIC with a combined 40% stake, while the Kuwait Authority for Partnership Projects (KAPP) will hold the remaining 60%.
Meanwhile, around 50% of total shares will be offered for public subscription to Kuwaiti citizens once the project becomes fully operational and is listed on the Kuwait Stock Exchange.
ACWA Power recently announced a new brand identity to acwa, supporting its global infrastructure platform that serves people and communities.
