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.
