Kuwait has chosen a consortium of banks to advise on an IPO 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% of the Az-Zour North Independent Water & Power Project. Az-Zour North One, with a capacity of at least 1,500 MW, is 40% 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%.
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