ACWA Power has announced the financial close for the US$821 million Shuaibah 3 Independent Water Producer (IWP) project.

The project involves the conversion of the existing Shuaibah Independent Water and Power Plant (IWPP) into an energy-efficient Sea Water Reverse Osmosis (SWRO) desalination plant. The project is implemented through a joint venture (JV) between ACWA Power and Water and Electricity Holding Company (Badeel).

According to ACWA, US$632 million in senior loan facilities were obtained from a group of lenders that included Standard Chartered Bank, The Bank of Tokyo-Mitsubishi UFJ (MUFG), Abu Dhabi Islamic Bank (ADIB), SNB, BOC, SAIB, Industrial and Commerical Bank of China (ICBC), Korea Development Bank (KDB), and Warba Bank on a non-recourse project financing basis. Saudi British Bank (SABB) and Riyad bank offered US$189 million in equity bridge loan facilities.