Riyadh – Mubasher: A consortium led by Saudi utility developer ACWA Power signed financing agreements for a $650 million desalination project in Jubail Industrial City, Reuters reported on Monday.
The desalination plant, Jubail-3A IWP, will utilise seawater reverse osmosis to yield a capacity of 600,000 cubic metres per day.
The plant is financed through limited recourse ring-fenced project financing from Al Rajhi Bank, Abu Dhabi Islamic Bank (ADIB), Riyad Bank, and Mizuho.
Earlier this month, Riyad Bank and Bank AlJazira provided equity bridge loans for the project.
The value of the financing was not disclosed, the statement noted.
Earlier this year, ACWA Power, in consortium with Gulf Investment Company (GIC) and Al Bawani Water and Power Company, was awarded the project at a tariff of $0.41 per cubic metre.
Jubail-3A IWP is due to start commercial operation towards the end of 2022.
