Jubail & Yanbu Review 2019

Acciona reaches financial close

Acciona, a leading company in the development of water infrastructure, together with Marubeni Corporation, Almar and Rawafid Alhadarah Holding Co., has achieved the financial close for the Shuqaiq 3 desalination plant for a total value of more than $600 million.

The transaction involved both Saudi national banking entities and a number of international organisations, reported Utilities Middle East.

Saudi banking institutions included Samba and NBC, along with the participation of international players MUFG (Agent), Crdit Agricole, Norinchukin and SMBC, with the agreement reached just three months after the water purchase contract was signed.

The Shuqaiq 3 desalination plant, which will be located on the Red Sea coast of Saudi Arabia, will supply drinking water to over 1.8 million people and will create approximately 700 jobs from the start of construction until commissioning of the plant. The project is programmed for completion in the fourth quarter of 2021, and will be developed under a 25-year BOO (build, own, operate) contract scheme.




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