Power projects developer and operator, Marubeni Corporation, announced that its consortium has commenced work on Shuqaiq 3 Independent Water Project in Saudi Arabia following the closing of a major finance agreement.
The consortium, comprising Marubeni (45 percent), Spain-based Acciona Agua (10 percent) and, Saudi groups Abdul Latif Jameel Commercial Development Company (30 percent) and Rawafid (15 percent) set up a new company, Shuqaiq Three Company For Water, for the development of the project.
This loan agreement of approximately $500 million took the form of co-financing among six commercial banks, including MUFG, Crédit Agricole Corporate and Investment Bank, The National Commercial Bank, The Norinchukin Bank, Samba Financial Group and Sumitomo Mitsui Banking Corporation.
The project includes the construction, operation, and maintenance of the reverse osmosis (RO)-based desalination plant, which generates 450,000 cubic meters of water per day.
As per the deal, the water produced at the Shuqaiq plant will be sold to WEC for a 25- year period.
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