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FINANCIAL NEWS
Kuwait launches power plant tender
28 Mar 2011
(MENAFN) An official from the Ministry of Electricity and Water in Kuwait, Eyad Ali Al-Falah, said that the ministry issued a tender for building a power plant in Al-Zour North with an estimated cost of USD2.7 billion, reported Bloomebrg.
Al-Falah said that the project which aims at generating electricity for the country would have the capacity of 1,500 megawatts and 100 million imperial gallons of water on a daily basis. He said that it is expected for the winning company to be chosen by the end of 2011.
Al-Falih added that the Kuwaiti government would own a maximum of 24 percent stake in the project, the winning company would own 26 percent of the project and the rest would be sold in an initial public offering (IPO).
It is worth noting that the ministry received so far eleven expressions of interests from international companies and consortia.
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