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South Korea’s Hyundai Heavy Industries said yesterday that its consortium with French firm Sidem has won a $1.4bn deal to build a power plant and a desalination facility in Kuwait.
Under the deal with Kuwait’s energy authorities, Hyundai would build a gas-fired power plant worth $970mn, while Sidem would construct a water desalination plant in a combined complex about 100km (62 miles) south of Kuwait City.
Construction would start this month and be completed towards the end of 2016, Hyundai said in a statement.
The power plant would have a production capacity of 1,500 MW while the desalination plant would produce up to 486,000 cu m of water a day.
In Kuwait, meanwhile, the National Bank of Kuwait said that it heads a consortium that includes Japanese lenders which will arrange a $1.43bn loan to build the Al-Zour North Power project.
That venture has been awarded to Japan’s Sumitomo Corp, France’s GDF SUEZ Energy International and Kuwait’s Abdullah Hamad Al-Sagar and Brothers for $2.5bn.
Besides NBK, the other lenders include Japan Bank for International Co-operation (JBIC), Nippon Export and Investment Insurance (NEXI), Bank of Tokyo-Mitsubishi UFJ Ltd, Sumitomo Mitsui Banking Corp and Standard Chartered Bank.
A special company was established for the project in which the winning consortium has a stake of 40% and the government holds 10%, while 50% is to be distributed to citizens as free shares.
Production of power and freshwater will be sold to the ministry of electricity and water for 40 years.
Kuwait’s parliament in February formed a special panel to probe allegations of irregularities in awarding the contract and another project to build a causeway.
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