ACWA-led consortium secures financing for Jubail desalination plant

ACWA-led consortium secures financing for Jubail desalination plant

DUBAI - A consortium led by Saudi Arabian utility developer ACWA Power has signed financing agreements for a $650 million desalination project in the Saudi industrial city of Jubail.The desalination plant, Jubail-3A IWP, will use sea water reverse osmosis to yield a capacity of 600,000 cubic metres per day.The plant is being financed through limited recourse ring-fenced project financing from Al Rajhi Bank, Abu Dhabi Islamic Bank, Riyad Bank 1010.SE and Mizuho, ACWA said in a statement. Earlier this month, Riyad Bank and Bank AlJazira provided equity bridge loans for the project.It did not disclose the value of the financing.ACWA Power, in consortium with Gulf Investment Company (GIC) and Al Bawani Water and Power Company, was awarded the project earlier this year at a tariff of $0.41 per cubic metre."We