The consortium led by Marafiq and Veolia has reached financial close for the ISTP plant located at Jeddah Airport. Another member of the consortium is Al Amwal Al Khaleejiah.

The consortium awarded a US$ 48 million construction contract to VA Tech Wabag Limited recently.

The contractor will build a sewage treatment plant with the capacity to treat 300,000 m3/day. The project site is located to the north of Jeddah, with the plant to serve the approximately 4.5 million residents of the city as well as governmental, agricultural, commercial and industrial facilities. The project has a 25-year sewage treatment agreement (STA) with WEC for the entire sewage capacity of the plant, which will be supplied by the National Water Company (NWC).

Synergy acted as financial adviser to the consortium. Jones Day acted as legal counselor for the financial close.