Riyadh – Mubasher: Saudi Arabia-based ACWA Power, leading a consortium with Saudi Brothers Commercial Company (SBCC), on Monday announced signing financing and hedging deals worth SAR 2.625 billion ($700 million) for a water desalination project in the kingdom.
Rabigh-3 IWP project will be one of the largest desalination projects with a planned capacity of 600,000 cubic metres per day, according to the company’s statement.
Rabigh Three Company (RTC) was established as the owner of the project, with ACWA Power and SBCC owning 70% and 30% stakes, respectively.
The project will be financed by Natixis, MUFG, SAMBA and Riyad Bank as initial mandated lead arrangers. Riyad Bank previously offered an equity bridge loan for the project.
The desalination plant is expected to be commercially operational by the end of 2021.
A consortium comprised of SEPCOIII (Power China), Abengoa and SIDEM (Veolia) won the engineering, procurement and construction (EPC) contract for the project.
