- KNPC of Kuwait has appointed KAMCO Investment Company as financial advisor for the 1.5 GW proposed solar power plant that was tendered in September 2018, reported Reuters
- In its capacity as financial advisor, KAMCO will be required to manage loans from banks and other financial institutions to partly fund the project
- KNPC is likely to announce winners of the 1.5 GW Al-Dibdibah/Dabdaba in solar power tender in June or July 2019
Work on the planned 1.5 GW solar power capacity tendered by the Kuwait National Petroleum Company (KNPC) in September 2018 is moving forward. KNPC has now appointed local asset management firm KAMCO Investment Company as the financial advisor for the Al-Dabdaba/Dibdibah Solar Energy Project, according to Thomson Reuters Zawya. KAMCO will manage financing from banks and other financial institutions as part of its role in the project to partly fund the same.
Total cost of the 1.5 GW project is expected to be around KWD 500 million ($1.65 billion). While KNPC is likely to fund the project through its own resources and bank loans, borrowing could constitute 60% or 70% of the costs.
KNPC had received bids from 28 firms that cleared pre-qualification round for this project, and final capacity will be awarded in June or July 2019.
To be part of the Al-Shagaya Renewable Energy Park, the solar power capacity will be deployed in 5 blocks of 300 MW each (see 1.5 GW Solar Tender In Kuwait).