Bids invited on AzZour North 1 share distribution
The Kuwait Authority of PublicPrivate Partnership Projects Authority has invited bidders, banks and local financial firms, to present offers consultative and financial services for managing the distribution of the shares of AzZour North One to citizens
The Kuwait Authority of PublicPrivate Partnership Projects Authority has invited bidders, banks and local financial firms, to present offers consultative and financial services for managing the distribution of the shares of the first Shamal AzZour AlOula (AzZour North One) to Kuwaiti citizens.
In a statement to KUNA Saturday, the authority said that 50 percent of the AzZour North One shares will be offered to Kuwaitis in Initial Public Offering (IPO), with a nominal value of 100 fils for each share.
AzZour North One, is the first gasfired combined cycle power and water desalination plant in Kuwait, with a capacity of minimum 1,500 megawatts of electricity and 102107 million imperial gallons of water per day.
The gasfired combined cycle power and water plant is the first phase of AzZour North Independent Water and Power Project (IWPP).
A consortium GDF SUEZ and Sumitomo has been undertaking the operation, and maintenance of AzZour North One on 50:50 basis.
Initial operation of the AzZour North One started on 7 May, 2015, after 18 months of construction, installation and examination, the authority said.
Commercial operation began on 28 June 2015, as the plant started providing electricity. Full commercial operation is due to kick off before the end of this month.
The winner consultative body of the bid will be in charge of making sure that AzZour North One has fulfilled all guarantees and documents that all procedures for commercial operation have been completed in line with the ministry and GDF SUEZ, the authority statement added.