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Hyundai-led consortium to build US$1.4b Kuwaiti project
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South Korea’s Hyundai Heavy Industries said yesterday that its consortium with French firm Sidem has won a US$1.4 billion 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 US$970 million, while Sidem would construct a water desalination plant in a combined complex about 100 kilometers south of Kuwait City.
Construction would start this month and be completed toward the end of 2016, Hyundai said in a statement.
The power plant would have a production capacity of 1,500 megawatts while the desalination plant would produce up to 486,000 cubic meters of water a day.
In Kuwait, the National Bank of Kuwait said that it heads a consortium that includes Japanese lenders which will arrange a US$1.43 billion loan to build the Al-Zour North Power project.
That venture has been awarded to Japan’s Sumitomo Corporation, France’s GDF SUEZ Energy International and Kuwait’s Abdullah Hamad Al-Sagar and Brothers for US$2.5 billion.
Besides NBK, the other lenders include Japan Bank for International Cooperation, Nippon Export and Investment Insurance, Bank of Tokyo-Mitsubishi UFJ Ltd, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank.
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