ACCIONA, a leading company in the development of water infrastructure, together with Marubeni Corporation, Almar and Rawafid Alhadarah Holding Co., has achieved the financial close for the Shuqaiq 3 desalination plant for a total value of more than US$600 million.
The transaction involved Saudi national banking entities and a number of international organizations. Saudi banking institutions included Samba and NBC, along with the participation of international players MUFG (Agent), Crédit Agricole, Norinchukin and SMBC, with the agreement reached just three months after the water purchase contract was signed.
The Shuqaiq 3 desalination plant, which will be located on the Red Sea coast of Saudi Arabia, will supply drinking water to over 1.8 million people and will create approximately 700 jobs from the start of construction until commissioning of the plant.
The project is programmed for coitsimpletion in the fourth quarter of 2021, and will be developed under a 25-year BOO (build, own, operate) contract scheme.
The Shuqaiq 3 desalination plant will help mitigate the shortage suffered by the inhabitants of the southwestern region of Saudi Arabia, providing a new source of drinking water for both domestic, urban agricultural and industrial use.
This is ACCIONA's third desalination plant in Saudi Arabia, enabling the company to provide some 3 million people with water.
The facility will have a capacity of almost cubic metres per day, to serve a population of 350,000. The plant will also supply water to Aramco, the world's largest oil company.
ACWA Power has announced the successful signing of senior financing and hedging agreements for the SAR2.625 billion (US$700 million) Rabigh-3 Independent Water Project (IWP).
Read moreThe Water and Electricity Company of Saudi Arabia has announced that it has signed the agreement for Rabigh 3 Independent Water Project with the winning consortium of ACWA Power International and Saudi Brothers' Commercial Company.
Read moreSaudi Arabia’s ambassador to Bahrain has stated publicly that the tender for the King Hamad Causeway, a 25km road and rail bridge that will cross the Gulf of Bahrain, will be launched in six months. The estimated construction cost is between US$3 and 4 billion.
Read moreFollowing a resolution by the Council of Ministers, Saudi Arabia’s National Centre for Privatisation and Public-Private Partnerships (NCP) has published a draft law to govern private sector participation in government-sponsored programs and projects.
Read moreWater & Electricity Company (WEC) of Saudi Arabia has announced that five teams have submitted proposals for the Rabigh 3 Independent Water Project. The project involves the construction of a desalination plant designed using Reverse Osmosis technology to produce the potable water from the Red Sea.
Read more