(Corrects company name in first paragraph)
DUBAI, March 2 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)