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ACWA Power Signs $545 Mn Financing Agreement for Rabigh-4 in Western Saudi Arabia

ACWA Power is developing multiple energy and water desalination projects in Saudi Arabia (Asharq Al-Awsat)
ACWA Power is developing multiple energy and water desalination projects in Saudi Arabia (Asharq Al-Awsat)
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ACWA Power Signs $545 Mn Financing Agreement for Rabigh-4 in Western Saudi Arabia

ACWA Power is developing multiple energy and water desalination projects in Saudi Arabia (Asharq Al-Awsat)
ACWA Power is developing multiple energy and water desalination projects in Saudi Arabia (Asharq Al-Awsat)

ACWA Power signed financing and guarantee agreements for Rawabi Water Desalination Company for the Rabigh-4 Independent Water Plant in Yanbu.

Under the agreements, ACWA Power will receive long-term financing worth $545.3 million, according to information released on Sunday.

- Financing alliance

According to a Saudi Stock Exchange (Tadawul) statement, the financing party is represented by a financing alliance consisting of local and international banks, including Standard Chartered, the Saudi National Bank, Riyad Bank, and the Saudi Bank.

- Investment cost

According to the information, the project's total investment cost is $678 million, financed through long-term debt and shareholders' capital.

ACWA Power's share in the project in Rabigh, western Saudi Arabia, is 45 percent.

The Rabigh 4 IWP Project has a 600,000 m3/ day seawater reverse osmosis (SWRO) desalination plant, a PWSF tank of 1,200,000 m3, and a PV capacity of 6.804 MWp.

ACWA Power explained that seawater reverse osmosis is a hot topic in the water treatment industry, with the lowest energy requirements, some of the highest usage rates, and one of the best filtration rates on the market.

- Project award

In July, ACWA Power announced the signing of an engineering, procurement, and construction (EPC) contract with a consortium of Power China, SEPCOIII, and WETICO for the 600,000 m3/day Rabigh 4 Independent Water Plant (IWP) project.

Financial close for the project is expected during the third quarter of 2023.

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Riyadh and Tokyo to Launch Coordination Framework to Boost Cooperation

Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
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Riyadh and Tokyo to Launch Coordination Framework to Boost Cooperation

Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)

Saudi Arabia and Japan are close to unveiling a higher partnership council that will be headed by the countries’ leaderships in line with efforts to build a partnership that bolsters the technical transformation and joint research in clean energy, communications and other areas, revealed Saudi Ambassador to Japan Dr. Ghazi Binzagr.

He told Asharq Al-Awsat that the two countries will soon open a new chapter in their sophisticated strategic partnership.

The new council will be chaired by Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, and Japanese Prime Minister Shigeru Ishiba to push forward the Saudi-Japan Vision 2030, he added.

The council will elevate cooperation between the countries and pave the way for broader dialogue and consultations in various fields to bolster political, defense, economic, cultural and sports cooperation, he explained.

The two parties will work on critical technological partnerships that will focus on assessing and developing technologies to benefit from them, Binzagr said. They will also focus on the economy these technologies can create and in turn, the new jobs they will generate.

These jobs can be inside Saudi Arabia or abroad and provide employers with the opportunity to develop the sectors they are specialized in, he added.

Binzagr said Saudi Arabia and Japan will mark 70s years of relations in 2025, coinciding with the launch of Expo 2025 in Osaka in which the Kingdom will have a major presence.

Relations have been based on energy security and trade exchange with Japan’s need for oil. Now, according to Saudi Vision 2030, they can be based on renewable energy and the post-oil phase, remarked the ambassador.

Several opportunities are available in both countries in the cultural, sports and technical fields, he noted.

Both sides agree that improving clean energy and a sustainable environment cannot take place at the expense of a strong economy or quality of life, but through partnership between their countries to influence the global economy, he explained.

"For the next phase, we are keen on consolidating the concept of sustainable partnerships between the two countries in various fields so that this partnership can last for generations,” Binzagr stressed.

“I believe these old partnerships will last for decades and centuries to come,” he remarked.

Moreover, he noted that the oil sector was the cornerstone of the partnership and it will now shift to petrochemicals and the development of the petrochemical industry.