Kuwait has so far invested nearly 183.6 million Kuwaiti dinars ($604 million) in the Shagaya renewable energy project that was launched in 2012 as part of the Gulf state's plan to generate 15 percent of its energy needs from renewable resources by 2030.

The investments included around 179.13 million dinars ($591 million) in the construction of the complex and the rest was for operational spending, the Arabic language daily Al-Rai said, quoting an informed Kuwaiti oil source.

Kuwait first set an initial budget of 100 million dinars ($330 million) for Phase 1 in the 2011-2012 fiscal, the report said. In February 2019, Kuwait started commercial operations at the 50-megawatt (MW) plant, marking the completion of Phase 1 of the project.

The Shagaya park was originally expected to host 2 gigawatts (GW) of capacity by 2030, across three phases. Operators have recently decided to add a fourth phase and raise its 2030 target to 4 GW.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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