ACWA Power has secured financing and security agreements totaling SAR2.05 billion (US$547 million) for its Rawabi Water Desalination Company (Rabigh-4) Independent Water Plant (IWP) project in Saudi Arabia.

Funding for the project was secured through a consortium that includes both local and global banks, namely Standard Chartered Bank, Saudi National Bank, Riyad Bank, The Saudi Investment Bank, and Bank of China. This funding arrangement has a duration of 27.5 years and is specifically linked to ACWA Power's equity commitment and its proportionate share in the debt service coverage account. 

The Rabigh-4 Independent Water Project (IWP), utilizing reverse osmosis (RO) technology, will have the capacity to produce 600,000 cubic meters per day (m3/day) of desalinated water. Additionally, the project encompasses infrastructure components such as water tanks with a total capacity of 1.2 million cubic meters. 

The engineering, procurement, and construction (EPC) contract for Rabigh-4 IWP was awarded in July 2023 to a consortium consisting of Power China, SEPCOIII, and WETICO. In April 2023, the Saudi Water Partnership Company (SWPC) confirmed the signing of a water purchase agreement for Rabigh 4 IWP with a consortium comprising ACWA Power, Haji Abdullah Alireza & Partners Company, and Almoayyed Contracting Group. The agreement, valued at SAR2.54 billion (US$677 million), outlines the developers' responsibilities for the development, construction, operation, and ownership of a water desalination plant.