ZAWYA-PRESSR: HRH Prince Abdulaziz bin Salman Witnesses the Signing of the Acwa-GIC Consortium energy conversion and water purchase agreement

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Riyadh, Kingdom of Saudi Arabia: Witnessed by His Royal Highness Prince Abdulaziz bin Salman, Saudi Minister of Energy, Acwa, the world’s largest private water desalination company, a leader in energy transition and first mover into green hydrogen, and Gulf Investment Corporation (GIC), today announced the signing of the Energy Conversion and Water Purchase Agreement (ECWPA) for the Az-Zour North Phase 2 & 3 Independent Water and Power Producer (IWPP) project in southern Kuwait for a period of 25 years, with the Ministry of Electricity, Water and Renewable Energy (MEWRE) of the State of Kuwait. The agreement marks a major project milestone and formally enables the development of one of Kuwait’s largest integrated power and water plants.Mohammad Abunayyan, Chairman of Acwa, stated: “The signing of this agreement is a major step in strengthening Kuwait’s long-term energy and water security. Az-Zour North Phase 2 and 3 is a project of national importance and reflects Acwa’s strong commitment to supporting Kuwait’s development ambitions. By bringing together our scale, efficiency, and global best practices, we aim to deliver reliable power and water at competitive costs, while demonstrating how strong public-private partnerships can create lasting economic and social value.”Ibrahim AlQadhi, Chief Executive Officer of GIC stated: "We are proud to contribute to the development of strategic infrastructure projects in Kuwait through this project, which represents a landmark investment in GIC’s portfolio. GIC is committed to ensuring the provision of sustainable electricity and water resources at competitive economic costs to support Kuwait’s social and economic prosperity." Mr. AlQadhi further added: “GIC is a leading investor in power and water projects and intends to continue to play a major role in utilities projects in the Gulf.”Az-Zour North Phase 2 & 3 will be developed on a Build-Operate-Transfer (BOT) basis under a 25-year agreement. Once completed, the project will deliver a net power generation capacity of +2,700 megawatts (MW) and up to 120 million imperial gallons per day (MIGD) of desalinated water per day, significantly reinforcing Kuwait’s electricity generation capacity and water security infrastructure.The project is located approximately 100 kilometers south of Kuwait City, adjacent to the existing Az-Zour North Phase 1 facility, along the south...

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