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Kuwait is planning to build solar power plants in partnership with Chinese companies at a cost of more than $800 million, a newspaper reported on Wednesday.
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 as well as a company listed on Kuwait’s bourse, Alqabas Arabic language daily said.
It quoted official sources as saying the Kuwait Investment Authority, the Gulf country’s sovereign wealth fund, has prepared a ‘special report’ about the planned project.
Kuwait and China will control 42.5 percent each while 15 percent will be owned by a local company, the report said, adding that a joint venture will be created to manage the project. The name of the local company wasn't disclosed.
“The joint venture will provide finance and construct, operate and maintain the facilities….power produced from the project will be sold to the electricity ministry under a long-term supply agreement,” the report said.
The Shagaya project, which covers over 84 square kilometres, is located nearly 100km west of the capital Kuwait City.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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