Saudi’s ACWA Power, SWPC in deal to restructure Shuaibah 3 IWP Project
- Date: 21-Jun-2022
- Source: GCC Business News
- Sector:Real Estate
- Country:Saudi Arabia
Saudi’s ACWA Power, SWPC in deal to restructure Shuaibah 3 IWP Project
ACWA Power, Saudi Arabia-based power plant developer, Shuaibah Water Electricity Company (SWEC), and Saudi Water Partnership Company (SWPC), have signed an agreement to restructure the Shuaibah 3 Independent Water and Power Project (IWPP).
The agreement entails the conversion and replacement of the IWPP from an energy-intensive power generation and thermal desalination facility to greenfield seawater reverse osmosis (SWRO) desalination plant under the name “Shuaibah 3 Independent Water Project (IWP)”. As a result, Shuaibah 3 IWPP operations will end in 2025, saving about 45 million tons of carbon dioxide and 22 million barrels of light crude oil annually.
HE Eng. Abdulrahman bin Abdulmohsen Al-Fadli, Minister of Environment, Water and Agriculture in Saudi Arabia and Chairman of the Board of Directors of SWPC, signed a 25-year water purchase agreement for the new Shuaibah 3 IWP with a consortium led by ACWA Power and Public Investment Fund (PIF)-owned Badeel, at a value of approximately $800 million. The ACWA Power – Badel consortium will lead the implementation of the project while SWPC will serve as the offtaker.
Mohammad Abunayyan
Chairman – ACWA Power “This is the first project in which a thermal water desalination plant is converted into a greenfield reverse osmosis facility that utilizes renewable energy to