Asma Al-Mousa, Acting Director General of Kuwait's Authority for Partnership Projects (KAPP), announced on Sunday that the combined costs for phases 2 and 3 of the Al-Zour North Power Plant project have surpassed 1 billion Kuwaiti dinars (approximately $3.3 billion USD).

The statement came during the signing ceremony of the implementation agreement for these phases, conducted in collaboration with:

• Ministry of Electricity, Water & Renewable Energy

• A consortium including ACWA Power and Gulf Investment Corporation

Key Project Details:

1. Funding Structure:

   • 40% foreign investor stake

   • 50% allocated for Kuwaiti citizens

   • 10% reserved for eligible public entities

2. Implementation Model:

   • PPP (Public-Private Partnership) framework

   • Creation of a public joint stock company

   • Planned listing on Kuwait Stock Exchange by mid-2028

3. Strategic Benefits:

   • Leverages private sector expertise in design/construction

   • Reduces government costs and accelerates completion

   • Attracts foreign investment while ensuring local participation

Al-Mousa emphasized the project demonstrates strong confidence in Kuwait's investment climate, with financing secured from both local and international banks. "This initiative reflects our government's commitment to infrastructure development through private sector partnerships," she stated.

The project forms part of Kuwait's broader strategy to:
✓ Enhance power generation capacity
✓ Optimize natural resource utilization
✓ Develop major infrastructure through collaborative models

Commercial operations are expected to commence following the plant's completion, with the project company transitioning to operational phase by the targeted 2028 listing date.