Kuwait signs contracts for $3.27 billion power plant project
KUWAIT, Aug 10 (Reuters) — 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 the phases of the power plant project exceeds 1 billion Kuwaiti dinars ($3.27 billion), the Kuwaiti authority’s director general told Reuters. He said the investors, not the government, will bear the cost.
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The signing ceremony on Sunday sets in motion one of the biggest electricity projects in the Gulf country 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.
($1 = 0.3054 Kuwaiti dinars)
Reporting by Ahmed Hagagy Writing by Jaidaa Taha and Menna Alaa El-Din Editing by David Goodman, Elaine Hardcastle
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