Saudi SWPC inks $245mln financial closure for Dammam project – ZAWYA

Saudi SWPC inks $245mln financial closure for Dammam project – ZAWYA

Saudi Arabia's first sewage treatment project based on public-private partnership model has achieved financial closure of $245 million despite COVID-19 pandemic.. The developer consortium and project off-taker Saudi Water Partnership Company (SWPC) announced on Monday the financial closure of Dammam West Independent Sewage Treatment Plant (ISTP) project.. The total project value is approximately $245 million (920 million Saudi riyals), with funding sourced from non-recourse project finance loans and equity contributions from shareholders, a statement issued by consortium leader Metito said.. The Build-Own-Operate-Transfer project was awarded by SWPC to the consortium of Metito, Mowah and Orascom Construction in December 2019 for a period of 25 years.. "Reaching the stage in the project and resuming construction work under these difficult circumstances indicates confidence in the investment environment in the Kingdom of Saudi Arabia and its suitability for the private sector," he said..