Kuwait city: Acting Director General of Kuwait Authority for Partnership Project (KAPP), Asmaa Al-Mousa, confirmed that the cost of the second and third phases of the Al-Zour North Power Plant Project exceeds one billion Kuwaiti dinars (approximately USD 3.3 billion). This announcement was made during the signing ceremony of the commitment document for implementing these phases.
According to Kuwait News Agency, the project is a collaborative effort between KAPP, the Ministry of Electricity, Water and Renewable Energy, and a consortium that includes ACWA Power company and the Gulf Investment Corporation. Al-Mousa highlighted the financial backing from both local and international banks, signaling strong confidence in Kuwait's investment and partnership environment.
Al-Mousa detailed that the project will be executed under the Public-Private Partnership (PPP) model. She specified that 40 percent of the project will be owned by foreign investors, 50 percent will be allocated to Kuwaiti citizens, and 10 percent will be reserved for public entities eligible for investment in such projects.
The initiative is part of the government's strategy to involve the private sector in infrastructure development, utilizing its expertise in design, implementation, and operation. This approach aims to reduce costs, speed up completion, and make efficient use of natural resources, while also attracting foreign investments and financing major development projects within Kuwait.
Furthermore, Al-Mousa mentioned that a public joint-stock company will be formed, and partnership contracts will be signed for design, construction, and operation tasks. The company is set to be listed on the Kuwait Stock Exchange and is expected to begin commercial operations by mid-2028.