GDF SUEZ has reached financial close for the Az Zour North Independent Water & Power Project (IWPP) in Kuwait, the country’s first Private Public Partnership project. The consortium, which owns 40% of the project and comprises GDF SUEZ (17.5%), Sumitomo (17.5%) and A.H. Al Sagar & Brothers (5%), was selected as successful bidder by Kuwait’s Partnerships Technical Bureau (PTB) in January 2013. The remaining 60% is owned by Kuwaiti Government entities. The consortium will construct a gas‐fired combined cycle power plant of 1,500 MW and an associated water desalination plant with a capacity of 107 MIGD (486 thousand m³/day). All of the plant’s output will be purchased by the Kuwait Ministry of Electricity and Water under a 40‐year long‐term Energy Conversion and Water Purchase Agreement (ECWPA). The plant is expected to start commercial operation in the fourth quarter of 2016. The total project cost of US$1.8bn will be funded by a mix of project finance debt and equity in an approximate 80:20 ratio.
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