Saudi Water Partnership Company (SWPC), in association with a private consortium, has achieved financial close on the Jubail 3B Independent Water Project (IWP).
The project, which is a key part of the water schemes in Saudi Arabia developed under the public-private-partnership (PPP) structure, is expected to start commercial operation in 2024.
The consortium, comprising France-headquartered ENGIE (40 percent), Saudi-based Nesma Company Limited (30 percent) and Abdulaziz Al Ajlan Sons for Commercial and Real Estate Investment Ajlan And Bros Company (30 percent), was picked as preferred bidder on the project in April.
Located 65km north of Dammam airport, the Jubail 3B IWP plant will produce 570,000 cubic metres/day of potable water through reverse osmosis technology to supply the cities of Jubail and Dammam.
The project will include a 60MWp capacity solar facility – the largest in-house solar capability for a desalination plant in the kingdom – to optimise electricity consumption and reduce grid reliance.
SWPC CEO, Khalid Al-Quraishi, said: “Despite the fluctuations, liquidity crises and changing global market conditions, the Saudi Water Partnerships Company succeeded in completing the financial closure in close cooperation with the consortium and the group of lenders… Reaching this stage in the project and starting construction works under such difficult circumstances is a complete indication of investor confidence in the investment environment in Saudi Arabia.”
Turki Al Shehri, CEO of ENGIE in Saudi Arabia, added: “We are committed to bringing foreign direct investment into the kingdom, supporting the development of clean energy solutions, local jobs creation and knowledge transfer… Reaching financial close for the Jubail 3B project marks an important milestone in supporting the kingdom’s vision of a sustainable future for all.”
Follow us on
