The two companies said in separate statements on Tadawul that the project includes designing, building, operating and maintaining the plant and transferring the ownership on BOOT basis, along with the development of infrastructure and related facilities.
With an investment of SAR 315 million, the term of the contract is 25 years and will be financed through a Shariah-compliant Islamic finance facility.
The project aims to develop a wastewater treatment facility with a capacity up to 100,000 cubic meters per day and expandable to 270,000 cubic meters, the statements said.
Construction works are expected to start during the second quarter of 2020, once the financing agreement with the bank is finalized.
The companies will announce further updates in due time.
In October 2018, SWPC selected the joint venture between International Water Distribution Co. (Tawzea), which is jointly owned by SISCO, Amiantit, and Spain’s Cobra, as the preferred bidder for the Taif Independent Sewerage Plant project.