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SWPC announces financial close of Jubail-3B Independent Water Project

  • SWPC announces financial close of Jubail-3B Independent Water Project

Saudi Arabia’s Saudi Water Partnerships Company (SWPC) made public the financial close for its Jubail-3B Independent Water Plant (IWP), reports ZAWYA.

SWPC has counted with the participation of its partners from the relevant authorities such as the supervisory committee at the Ministry of Environment, Water and Agriculture, developers and consultants.

The Jubail 3B IWP plant, which is to be located 65km north of the Dammam airport, will produce 570,000 cubic meters per day (m3/day) of drinking water through reverse osmosis (RO) technology. It will serve the Saudi regions of Riyadh and Qassim.

Last June, the company had awarded the project, worth SR2.6 billion ($692 million), to a consortium led by France’s Engie along with its Saudi partners Nesma Company and Abdulaziz Al Ajlan Sons for Commercial and Real Estate Investment Company. It will be implemented on a build, own, operate (BOO) model by the private sector for 25 years from the date of commercial operation.

According to the company’s statement, the plan also includes a 60MWp capacity solar photovoltaic facility – the largest in-house solar capability for a desalination plant in the kingdom – to reduce the cost of electricity per m3, and a reservoir with a storage capacity equivalent to a day's production.

Confirming the financial close, Trade Arabia reports that CEO Engineer Khalid Al Quraishi said that it was indeed a major milestone for the company to achieve this amid the challenging conditions caused by the pandemic (COVID-19).

"Despite the fluctuations, liquidity crises and changing global market conditions, the Saudi Water Partnerships Company succeeded in completing the financial closure in close cooperation with the consortium and the group of lenders," stated Al Quraishi. 

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