Logo of ACWA Power Co.
ACWA Power Co. announced that it signed financing and security agreements for Rawabi Water Desalination Company (Rabigh-4 Independent Water Plant (IWP) project) valued at SAR 2.05 billion.
The financing parties include a consortium of local and international banks, including Standard Chartered Bank, Saudi National Bank (SNB), Riyad Bank, The Saudi Investment Bank (SAIB), and Bank of China, the company said in a statement on Tadawul.
The funding will be valid for 27.5 years, with the guarantee limited to ACWA Power’s equity commitment and its pro rata share in the debt service coverage account.
The Rabigh 4 IWP uses reverse osmosis (RO) technology and has a production capacity of up to 600,000 cubic meters per day. The infrastructure and associated facilities include water tanks with a capacity of 1.2 million cubic meters.
The project is in Rabigh, Saudi Arabia.
SNB is a related party, the statement added.
In April, ACWA Power signed a water purchase agreement worth SAR 2.54 billion with Saudi Water Partnership Co. (SWPC) for the development, construction, operation, and ownership of a water desalination plant, as reported earlier by Argaam.
ACWA Power Co., along with Haji Abdullah Alireza & Co (HAACO) and Al Moayyed Contracting Group (AMCG), awarded an engineering, procurement, and construction (EPC) contract with a consortium of Power China, SEPCOIII, and WETICO for Rabigh 4 Independent Water Plant (IWP) project.
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