SWPC and the consortium have successfully closed US$ 280M ISTP (Independent Sewage Treatment Plant) project
Marafiq (Power and Water Utility Company for Jubail and Yanbu) is the lead developer in Jeddah Airport 2 ISTP (Independent Sewage Treatment Plant) and has a wealth of experience as an integrated utility service provider to major industrial cities in Saudi Arabia.
The Jeddah Airport 2 ISTP was awarded under the Build, Own, Operate and Transfer (BOOT) concession model, and will be developed under a 25-year Public-Private Partnership (PPP) model. Marafiq has partnered with Veolia, Amwal AlKhaleejiah, who will support the development, financing, engineering, procurement, construction, implementation, ownership, operation, maintenance, and transfer of the Jeddah Airport 2 ISTP (Independent Sewage Treatment Plant).
The funding for the estimated US$ 280M total project costs have been sourced from a combination of senior project finance loans by the National Commercial Bank (NCB) and equity contributions from shareholders.
“Marafiq is proud that it has shifted from a conventional utility service provider to a lead developer. We are grateful to our partners Veolia and Amwal AlKhaleejiah, who have assisted us in reaching this stage in the project,’’ commented Abdullah K. Al-Buainain, President & CEO, Marafiq.
“The successful financial closing of Jeddah Airport 2 ISTP, shows the robustness and the efficiency of Private-Public-Partnerships, and we expect to see more of these type of projects as part of the Vision 2030,” commented Khaled Z. Al-Qureshi, CEO, SWPC.
“We are proud to have been able to achieve financial closure, particularly that the Bank financing for the project was raised locally in its entirety,” noted Ammar A. AlKhudairy, Chairman, Amwal.
“The Jeddah Airport 2 ISTP is an ambitious and exemplary Public-Private partnership. All the principles of the Circular economy will be put in place, allowing the reduction of sludge and enhancing the beneficial reuse of recycled water for irrigation or industrial use,” assured Sébastien Chauvin, CEO, Veolia ME.
