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.

Counterparts (5)

Developer

Gulf Investment Corporation (GIC)

company · 1 deals

Gulf Investment Corporation (GIC) is an investment company incorporated in the State of Kuwait. It is equally owned by the governments of the six member states of the Gulf Cooperation Council (GCC) and was formed to foster economic growth, economic diversification and capital markets development across the GCC region.

Acwa

company · 2 deals

ACWA Power is a developer, investor, and operator of power generation and desalinated water plants. They focus on delivering electricity and potable water reliably and responsibly at a low cost, driving social and economic development in the communities they invest in.

EPC Contractor

SEPCO-III

company · 1 deals

SEPCO-III Electric Power Construction Corporation is an international EPC contractor specializing in power plant construction. They undertake engineering, procurement, construction, and commissioning of power projects worldwide.

Partner

Kuwait Authority for Partnership Projects (KAPP)

company · 1 deals

The Kuwait Authority for Partnership Projects (KAPP) is responsible for managing and implementing Public-Private Partnership (PPP) projects in Kuwait. KAPP aims to attract private sector investment and expertise to develop infrastructure projects across various sectors.

supplier

GE Vernova

company · 2 deals

GE Vernova is focused on electrifying and decarbonizing the world through its energy generation technologies and electrification systems. The company aims to reduce the carbon intensity of power systems and accelerate the transition to more reliable, affordable, and sustainable energy.