Kuwait plans solar project with Chinese companies
Kuwait is planning to build solar power plants in partnership with Chinese companies.
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Kuwait: Kuwait is planning to build solar power plants in partnership with Chinese companies. It has been reported that the cost will be over $800 million. The IPP (Independent Power Producer) project involves Shagaya 3 and 4 solar power plants and will be a joint venture between the Kuwaiti and Chinese governments, and also a company listed on Kuwait’s bourse.
Reports say that the Kuwait Investment Authority, the country’s sovereign wealth fund, has prepared a special report about the planned project. Kuwait and China will control 42.5% each while 15% will be owned by a local company, and a joint venture will be created to manage the project. The name of the local company wasn’t announced. The joint venture will provide finance and construct, operate and maintain the facilities, while power produced from the project will be sold to the electricity ministry under a long-term supply agreement. The Shagaya project, which covers over 84 km2, is located about 100 km west of Kuwait City.
Source: Zawya
#Kuwait#Renewables#Shagaya 3 and 4#solar power#solar power plant
