Hyundai Heavy Industries Company said on Sunday it had won a $1.4 billion contract to build the first phase of the Az-Zour North Independent Water and Power Project (IWPP) in Kuwait from GDF Suez (GSZ.PA) -led consortium.

The South Korean shipbuilder and builder, as part of EPC consortium with France's Sidem, said in a statement that the contract is expected to be completed in the fourth quarter of 2016.

The statement added Hyundai Heavy has been part of the EPC consortium with Sidem since March 2011, formed by GDF Suez.-Reuters