ACWA Power signs SAR 3.4 bln water purchase agreement with DEWA

03/10/2023 Argaam

ACWA Power signs SAR 3.4 bln water purchase agreement with DEWA

Agreement signing ceremony

ACWA Power Co. signed today, Oct. 3, a water purchase agreement with Dubai Electricity and Water Authority (DEWA) for the first phase of the Hassyan Seawater Reverse Osmosis (SWRO) at a total value of SAR 3.42 billion ($914 million).

 

In a statement on Tadawul, the company said that the 30-year contract covers the development, financing, construction, ownership, and operation of the 818,280 m3/day Sea Water Reverse Osmosis Hassyan Phase 1 Independent Water Producer (IWP) project.

 

The project will be 60% owned by DEWA and 40% by ACWA Power.

 

The financial impact of the contracted revenues is expected to materialize after the commercial operation date expected by Q1 2027, the statement added.

 

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