ACWA Power consortium secures $4.1bn deal for Kuwait Az-Zour North IWPP Project

ACWA Power, in consortium with Gulf Investment Corporation (GIC), has signed an Energy Conversion and Water Purchase Agreement (ECWPA) for the Az-Zour North Phase 2 & 3 Independent Water and Power Producer (IWPP) project in Kuwait. The project will be developed on a Build-Operate-Transfer (BOT) basis under a 25-year agreement and will deliver a net power generation capacity of 2,700 megawatts (MW) and up to 120 million imperial gallons per day (MIGD) of desalinated water per day. The total investment for the project exceeds $4 billion. The project company will be jointly owned by ACWA Power and GIC with a combined 40% stake, while the Kuwait Authority for Partnership Projects (KAPP) will hold the remaining 60%. The project will be executed by an international and local EPC consortium led by SEPCO-III, and the project's gas turbines will be supplied and serviced by GE Vernova.