‎Amiantit-SISCO’s Tawzea achieves financial closure in Buraydah, Tabuk and Al Madinah sewage projects

‎Amiantit-SISCO’s Tawzea achieves financial closure in Buraydah, Tabuk and Al Madinah sewage projects

Saudi Arabian Amiantit Co. and SISCO said the consortium including their equally-owned subsidiary, International Water Distribution Co. (TAWZEA), in cooperation with Spain’s Acciona and Tamasuk Holding has achieved successfully achieved financial closure in its projects to build independent sewage treatment plants (ISTPs) in Buraydah, Tabuk and Al Madinah.

The financing of the projects will be provided by local banks, where Tabuk and Buraidah plants have a cost of over SAR 1.4 billion, while Al Madinah plant will cost SAR 966 million, according to a bourse filing by SISCO and Amiantit.

Last September, Saudi Arabian Amiantit Co. and SISCO said the consortium, to which their equally-owned subsidiary, International Water Distribution Co. (TAWZEA) is a party, signed, on Sept. 26, a contract with Saudi Water Partnership Co. (SWPC) to build Buraydah 2, Tabuk 2 and Al Madinah 3 independent sewage treatment plants (ISTPs), according to data compiled by Argaam.

SISCO and Amiantit each own 50% of TAWZEA capital of SAR 146 million.

TAWZEA will hold a 35% stake in the project, while Spain’s Acciona and Tamasuk will own 35% and 30%, respectively.