Kuwait has got an offer to construct a solar plant worth $3.5 billion from private investors. The capacity of the project is 5000 MW and it is situated in North Kuwait.
Currently, the solar plant proposal is being studied by the Kuwait Authority for Partnership Projects (KAPP) and the proposal was received by the Electricity, Water, and Renewable Energy Ministry, the paper said.
According to a report, “A group of private developers made the offer to the cabinet which referred it to the Ministry…the proposal is now under consideration by KAPP.”
The project will be funded with loans from foreign and local sources after being approved by the government and the KAPP.
The country is hoping to attract outside investors to fund several power projects under a public-private partnership (PPP) program that will cover more than half of its future electricity needs over the next two decades.