Saudi’s SWPC announces financial close of Shuaibah-3 conversion project

Saudi’s SWPC announces financial close of Shuaibah-3 conversion project

Saudi Water Partnership Company (SWPC), the principal off-taker for water and wastewater projects in Saudi Arabia, announced on Thursday the financial close of Shuaibah-3 Conversion Project.

The project involves the conversion of existing water and power plant into a desalination plant based on the Independent Water Plant (IWP) model.

In June, Zawya Projects had reported that SWPC had signed an agreement with ACWA Power and the Shuaibah IWPP’s project company Shuaibah Water Electricity Company (SWEC) to reconfigure the existing energy-intensive power generation and [Multi-Stage Flash-based] thermal desalination facility into a greenfield Sea Water Reverse Osmosis (SWRO) desalination plant.

ACWA Power had signed 25-year Water Purchase Agreement (WPA) valued at nearly 3 billion Saudi riyals ($800 million) for the project.

Project Commercial Operation Date will be in the second quarter of 2025.

In August 2022, South Korea’s Doosan Enerbility had announced that it has been awarded the engineering, procurement, and construction (EPC) contract. A press statement issued by the company had valued the desalination plant at 840 billion South Korean won ($592 million). The statement said the scope of work involves the construction of a 600,000 cubic metres per day SWRO desalination plant, and a 60-megawatt photovoltaic solar plant to save on energy consumption during the