Kuwait signs up HSBC for $3.2bn solar plant
Kuwait, September 23, 2013
Kuwait government has signed up HSBC as the consultants for the country's first solar power plant being built at a cost of KD926.25 million ($3.2 billion) at Al-Abdaliya, west of the country's capital, said a report.
The 280MW plant is expected to go online by the end of the year, according to a report from the Kuwait News Agency (KUNA)
The consultancy contract with HSBC marks the first involvement in state development strategy in Kuwait by a private company. In December 2012, Kuwait set itself a target of generating 15 per cent of energy by renewable sources by 2030, said the KUNA report.
The Kuwait Ministry of Finance's technical team is set to float the venture for tendering under the country’s public private partnership programme (PPP) in co-operation with the electricity and water ministry.
More Energy, Oil & Gas Stories
- Iran to start gas exports to Iraq by July 2014
- Taqa invites banks ahead of bond issue
- Dewa ups 2014 budget by $1.8bn from 2013
- Egypt govt pens energy debt payoff deal
- Qatar ready to invest in Turkey power project
- Asia gasoline margins set to plunge in 2014
- Egypt signs oil exploration deals with foreign firms
- Eaton appoints new Mideast GM
- Sustainable energy ‘should be top priority’
- Bapco achieves safety milestone