His Excellency Dr. Subaih Abdulaziz Al-Mukhaizeem, Minister of Electricity, Water and Renewable Energy, commented on the signing of the energy transfer and water purchase agreement for the North Al-Zour Project - Phase II and III and expressed his gratitude to His Highness the Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah and His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, for their presence at this occasion, which represents an important milestone in Kuwait's journey to enhance its energy and water security and support sustainable development.
His Excellency explained that the project is one of the major strategic projects in the electricity and water sectors and comes as an extension of the success of the North Al-Zour Power Plant in its initial phase. It affirms the state's commitment to adopting public-private partnership models, as they are an effective tool for achieving operational efficiency, transferring expertise, stimulating innovation, and ensuring the financial and technical sustainability of vital projects.
He pointed out that the project is being implemented through the Gulf Energy and Water Alliance, which includes Saudi Arabia's ACWA Power and the Gulf Investment Corporation in partnership with the Government of Kuwait, in a model that reflects the depth of Gulf integration and embodies the framework for joint economic cooperation between the countries of the Gulf Cooperation Council.
His Excellency the Minister explained that the North Al-Zour Power Plant Project - phases II and III will contribute to supporting the electricity production and water desalination system in the State of Kuwait with a production capacity of 2,700 megawatts of electricity in addition to producing 120 million imperial gallons of water per day, thereby enhancing the State's ability to meet growing demand and increasing the efficiency and reliability of national networks.
He added that the investment value of the project is estimated at approximately US$4 billion, and it is being implemented under a long-term contract for a period of 25 years, which ensures operational sustainability and efficiency for 25 years, contributing to the transfer of technical expertise, support for local content, the development of national competencies, and the creation of quality job opportunities.
His Excellency emphasized the pivotal role played by the Public-Private Partnership Projects Authority in preparing, organizing, and implementing this project by providing the legislative and regulatory framework and supervising the tendering and awarding stages, thereby ensuring the highest levels of transparency and efficiency and enhancing the confidence of local, regional, and international investors in partnership projects in the State of Kuwait.
He concluded his statement by emphasizing that the project reflects investors' confidence in the Kuwaiti economy and is in line with the government's approach to optimizing resource use, applying the highest environmental and technical standards, and keeping pace with global best practices in the energy and water sectors.
