By: AGBI

Kuwait has awarded a multi-billion-dollar contract to double the production capacity of the North Al-Zour power and water plant by 2028.

The project will be developed at the cost of KD1 billion ($3.3 billion) by a consortium comprising Saudi-listed Acwa Power and Kuwait-based Gulf Investment Corporation.

The consortium will design, fund, build, operate and maintain the project, which is located 100km south of Kuwait city, the state-run Kuna news agency reported.

Local and foreign banks will provide funding for the project, said acting director general of the Kuwait Authority for Partnership Project, Asmaa Al-Mousa. The names of the banks were not given.

The project will be Kuwait’s first privately-owned gas-fired combined cycle power and desalination facility.

The output will be supplied to the national power and water grid under a 40-year energy conversion and water purchase agreement with the ministry of electricity and water.

Al-Mousa said that a public joint stock company will be established, which will be listed on the Kuwait stock exchange once the project starts commercial operations by mid-2028.

The Al-Zour project currently produces 2,700 megawatts and desalinates 120 million imperial gallons per day.