Signing of the financing agreements for the USD$650mn project was completed in less than four months from the date of signing of the Water Purchase Agreement in May 2020
ACWA Power, a leading Saudi Arabian developer, investor and operator of power generation and desalinated water plants, today announced the successful signing of senior financing agreements for the US$ 650mn Jubail-3A IWP.
The project is the fourth seawater reverse osmosis (SWRO) desalination project to be awarded in the Kingdom of Saudi Arabia over the last 3 years, as part of the largest public-private partnership (PPP) desalinated water procurement program in the world.
The utility-scale project had been awarded to the consortium led by ACWA Power, in association with Gulf Investment Corporation (GIC) and Al Bawani Water and Power Company (AWP). The water purchase agreement was signed in May 2020 by Saudi Water Partnership Company (SWPC) in its capacity as the off taker of the project.
“Signing of the financing agreements for the Jubail-3A IWP project in less than four months from the date of signing the water purchase agreement is testament to the financial community’s confidence in ACWA Power’s proven capabilities,” remarked Paddy Padmanathan, President & CEO, ACWA Power.
Jubail-3A IWP will utilize reverse osmosis (RO) technology to yield a capacity of 600,000 cubic meters a day. The engineering, procurement and construction (EPC) contract for the project was awarded to a consortium of SEPCOIII, Power China and Abengoa. The operations and maintenance agreement was signed with an affiliate of First National Operations & Maintenance Co. Ltd. (NOMAC). The plant is located in Jubail, Saudi Arabia.
