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CORRECTED-Kuwait chooses consortium to advise on Az-Zour power project IPO
March 2, 2017 / 1:13 PM / 7 months ago

CORRECTED-Kuwait chooses consortium to advise on Az-Zour power project IPO

(Corrects company name in first paragraph)

DUBAI, March 2 (Reuters) - Kuwait has chosen a consortium led by NBK Capital to advise on an initial public offer of shares in the Az-Zour North One power scheme, state news agency KUNA said on Thursday.

The government plans to launch the emirate’s first IPO for an independent power project this year, selling 50 percent of the Az-Zour North Independent Water & Power Project.

Kuwait and other Gulf states are promoting independent power projects, in which companies other than public utilities invest in and operate power plants, to reduce the burden on state budgets and increase efficiency.

Az-Zour North One, with a capacity of at least 1,500 MW, is 40 percent owned by France’s Engie, Japan’s Sumitomo Corp and Kuwaiti firm AH Al Sagar & Brothers.

Kuwait’s sovereign wealth fund the Kuwait Investment Authority, the Public Institution for Social Security, and the Kuwait Authority for Partnership Projects hold 60 percent. (Reporting by Hadeel El Sayegh, Writing by Reem Shamseddine, Editing by Andrew Torchia and Susan Fenton)

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